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$ 5,100,000
Est. payment | /mo
2 Beds
1 Bath
1.46 Acres Lot
$ 5,100,000
Est. payment | /mo
2 Beds
1 Bath
1.46 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-27871
Bedrooms 2
Lot Size 1.462 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
524 E Avenue Q12 presents a compelling opportunity to acquire a well-maintained 30-unit apartment community in Palmdale, CA, situated on a substantial 1.46-acre parcel. The property features a highly desirable, consistent unit mix of all 2-bedroom / 1-bathroom units that commands strong tenant demand. Residents benefit from 30 on-site parking spaces, secure gated parking, ADA-compliant units, an on-site laundry room, a dedicated leasing office, and generous outdoor space.Current ownership has invested over $1,850,000 in capital improvements since 2018, positioning the asset as a turnkey, income-producing investment. Beyond its income upon the stabilization of the asset, the property offers meaningful upside: there is an opportunity to add up to 8 ADUs utilizing SB 1211, while the open stabilization and lease-up of the vacant units allows a buyer to achieve a projected cap rate of 7.09%.The sale includes a .46 acre site that is zoned for an additional 21 units. Together, these attributes make 524 E Avenue Q12 a great opportunity to stabilize a well-located asset with a clear path to enhanced returns through both rental growth and future development potential through ADU construction and redevelopment of the vacant lot.
Location
State CA
County Los Angeles
Zoning Assessor
Direction North of Avenue R and East of5th Street
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Others
Senior Community No
Tax ID 3009011024
Acceptable Financing Cash
Listing Terms Cash
Listed by Casey Picard, DRE#01921866 Keller Williams Realty
Nearby Locations
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Keegan Wetzel
Founder | Naval Academy | OIF Veteran | License ID: 02153342