Description
Development opportunity in a qualified "opportunity zone". 14 renovated units cash flowing at an amazing current cap rate of 6% from day 1. attractive 2.6m assumable loan at an incredibly low rate of 3.9% fixed through 09/01/2027. preliminary plans to add 20 new market-rate units by right (no low-income units) to achieve an unheard 11.5% cap rate, 6.8 grm, and only 173k/unit after taking into account all the construction costs (~1.7m assuming $250/sf). the preliminary plans call for 8 detached adus in the back + 5 attached adus in the front + 7 new units 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.
Property Type
LandCounty
Los AngelesStyle
LandAD ID
49394461
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Property Details
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Interior Features
Bathroom Information
- Total Baths: 0
- Full Baths: 0
- Half Baths: 0
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Property / Lot Details
Lot Details
- Lot Dimensions Source: Vendor Enhanced
- Lot Size Acres: 0.2067
- Lot Size Source: Vendor Enhanced
- Lot Size Square Feet: 9005
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Listing Information
Listing Price Information
- Original List Price: 4,195,000
- Listing Contract Date: 2025-04-16
Lease Information
- Listing Agreement: Exclusive Right To Sell
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Taxes / Assessments
Tax Information
- Parcel Number: 2537012024
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Virtual Tour, Parking, Multi-Unit Information & Homeowners Association
Garage and Parking
Homeowners Association
Rental Info
- Lease Term: Negotiable
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School, Utilities & Location Details
Other Property Info
- Source Listing Status: Active
- Source Neighborhood: PAC - Pacoima
- Directions: Located on the North East Corner of Correnti and San Fernando Road.
- Zoning: LAC2
- Source Property Type: Land
- Area: PAC - Pacoima
Building and Construction
- Year Built Source: Vendor Enhanced
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BuyOwner last updated this listing 04/25/2025 @ 07:57
- MLS: 25526151
- LISTING PROVIDED COURTESY OF: ,
- SOURCE: CRMLS
is a Land, with 0 bedrooms which is for sale, it has 0 sqft, 9,005 sized lot, and 0 parking. are nearby neighborhoods.