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$ 3,150,000
Est. payment /mo
Price Dropped by $150K
12600 Correnti ST Pacoima, CA 91331
13 Beds
14 Baths
5,334 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 5,334 sqft
Price per Sqft $590
MLS Listing ID 26831629
Bedrooms 13
HOA Y/N No
Lot Size 8,999 Sqft
Property Description
Price Reduction! 14 Existing Renovated units + plans for 20 new market-rate units cash flowing at an amazing Current Cap Rate of 8% from day 1! Attractive 2.5M assumable loan (requiring only ~17% down) at an incredibly low rate of 3.9% fixed through 09/01/2027 yielding a remarkable 15.79% cash-on-cash return. Preliminary plans to add 20 new market-rate units to achieve an unheard of 14.49% Cap Rate, 5.6 GRM, and only 141k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The project is anticipated to deliver over $2.79MM in net profit after all construction and resale costs, yielding an exceptional 125.99% return on levered equity. The plans call for 8 detached ADUs in the back + 5 attached ADUs in the front + 7 new units by right in the front for a total of 20 new units. The 14 existing units have undergone many capital improvements including updated roof, electrical, plumbing, windows, interiors, exteriors, etc.
Location
State CA
County Los Angeles
Area Pac - Pacoima
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Gated, Uncovered
Total Parking Spaces 14
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID UNAVAILABLE
Special Listing Condition Standard
Listed by Kelly Morgan Houze Real Estate Management #01898026
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