12602 Correnti Street, Pacoima (los Angeles), CA 91331
12602 Correnti Street, Pacoima (los Angeles), CA 91331
12602 Correnti Street, Pacoima (los Angeles), CA 91331
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Eric & Janelle Boyenga

Eric & Janelle Boyenga

+1(408) 373-1660
$3,300,000
Est. payment /mo
9,001 Sqft Lot
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UPDATED:

Key Details

Property Type Vacant Land

Sub Type Unimproved Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID CL26832921

HOA Y/N No

Lot Size 9,001 Sqft

Acres 0.2066

Property Sub-Type Unimproved Land

Property Description

14 Existing Renovated units + plans for 20 New market-rate units cash flowing at an amazing Current Cap Rate of 7.5% from day 1! Attractive 2.5M assumable loan (requiring only ~25% down) at an incredibly low rate of 3.9% fixed through 09/01/2027 yielding a remarkable 12.2% cash-on-cash return. Preliminary plans to add 20 new market-rate units to achieve an unheard of 13.9% Cap Rate, 5.7 GRM, and only 146k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The project is anticipated to deliver over $2.7M in net profit after all construction and resale costs, yielding an exceptional 117% 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

Zoning [Q]C2-1VL-

Interior

Fireplace No

Exterior

View Y/N false

View None

Building

New Construction No

Others

Tax ID UNAVAILABLE

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Bridge MLS
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Listed by Kelly Morgan • Houze Real Estate Management

NEARBY SCHOOL & BUSINESS

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Eric & Janelle Boyenga

Eric & Janelle Boyenga

+1(408) 373-1660

Agent | DRE01254724 / 01254725

Agent DRE01254724 / 01254725

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