$930,000
$950,000
2.1%For more information regarding the value of a property, please contact us for a free consultation.
11246 Chapparal AVE Adelanto, CA 92301
0.46 Acres Lot
Key Details
Sold Price $930,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV23163237
Sold Date 08/30/24
HOA Y/N No
Year Built 1987
Lot Size 0.460 Acres
Property Description
This attractive 6-unit apartment offers a lucrative investment opportunity. Each of the six units consists of 2 bedrooms and 1 bathroom, making them ideal for both individuals and small families. The added convenience of indoor laundry facilities within each unit eliminates the need for tenants to travel elsewhere for their laundry needs, enhancing the appeal of the apartments.
One standout feature is the inclusion of a 1-car garage per apartment. This feature not only provides tenants with secure parking but also adds to the overall value of the property. In an area where parking can often be a challenge, this amenity sets these apartments apart from the competition.
The potential for increased rental income is an exciting aspect of this investment. The current market rents stand at $9600, offering room for upside potential. This potential for growth in rental income is particularly appealing, given the property's strategic location. Situated near a Logistics Airport and the newly established Amazon Distribution Center, the demand for housing in the area is likely to remain strong, contributing to a stable tenant pool.
Two of the units have been recently remodeled, adding a modern touch to the complex. This not only improves the aesthetic appeal but also suggests a commitment to maintaining the property's value over time. Additionally, the recent installation of a new air conditioning unit improves the overall comfort and desirability of the apartments, another attractive feature for potential tenants.
It's worth noting that the Section 8 Local Payment Standards dictate rents at $1769. This provides a level of stability in rental income, as these standards are typically reliable and consistent. This could be an advantage in terms of securing consistent rental income, even in fluctuating market conditions.
Finally, with a projected 8% Capitalization Rate (Cap) at market rents, this investment demonstrates strong potential for financial growth. This rate showcases the relationship between the property's net operating income and its market value, indicating a solid return on your investment.
Overall, this 6-unit apartment complex presents a compelling opportunity for an investor like you. The combination of well-designed units, convenient amenities, potential for increased rental income, and strategic location near key transportation hubs and employers make this property an attractive addition to your portfolio.
Location
State CA
County San Bernardino
Area Adl - Adelanto
Interior
Heating Forced Air
Cooling Central Air
Fireplaces Type None
Fireplace No
Laundry Inside
Exterior
Garage Spaces 6.0
Garage Description 6.0
Fence Wood
Pool None
Community Features Curbs
View Y/N No
View None
Roof Type Shingle
Total Parking Spaces 6
Private Pool No
Building
Story 1
Entry Level One
Sewer Unknown
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 0459611080000
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Private
Special Listing Condition Standard
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Bought with Hank Hoang • Treeline Realty & Investment