Overview
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Description
14 existing renovated units and plans for 20 new units cash flowing at an amazing cap rate of 7.5% from day one. Attractive $2,500,000 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 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 projected to deliver over $2,700,000 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 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.
Address
Open on Google Maps- Address Correnti St
- City Pacoima
- State/county Los Angeles
- Zip/Postal Code 91331
Details
Updated on May 13, 2026 at 10:08 am- Property ID: HZ26832921
- Price: $3,300,000
- Bathroom: 0
- Property Status: Land
- Listed by: Kelly Morgan
- DRE #: 01898026
- Contact Mail: Kelly@KellyMorganCommercial.com
- Brokered by: Houze Real Estate Management
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