13-Bedroom Residential Income - 12600 Correnti Street, Pacoima, CA

$3,075,000

12600 Correnti Street, Pacoima, CA

12600 Correnti Street, Pacoima, CA 90293 - $3,075,000 · 13 bd 14 ba Multi-Family Home for Sale, photo 3

12600 Correnti Street, Pacoima, CA 90293 - $3,075,000 · 13 bd 14 ba Multi-Family Home for Sale, photo 4

12600 Correnti Street, Pacoima, CA 90293 - $3,075,000 · 13 bd 14 ba Multi-Family Home for Sale, photo 5

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Description

PRICE REDUCTION! 14 Existing Renovated units + plans for 20 new market-rate units cash flowing at an amazing Current Cap Rate of 8.0% from day 1! Attractive 2.48M assumable loan (requiring only ~19% down) at an incredibly low rate of 3.98% fixed through 09/01/2027 yielding a remarkable 16.2% cash-on-cash return. Preliminary plans to add 20 new market-rate units to achieve an unheard of 13.9% Cap Rate, 5.52 GRM, and only 139k/unit after taking into account all the construction costs (~1.67M assuming $250/SF). The project is anticipated to deliver over $3.2MM in net profit after all construction and resale costs, yielding an exceptional 146.5% 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.

Property details

Bedrooms

Bathrooms

Square feet

5,334

Property type

Residential Income

Lot size

9,001 sqft

Location

12600 Correnti Street • Pacoima, CA 90293

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Listed by

Kelly Morgan · Houze Real Estate Management

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Closed sales reported in 90293, nearest first, last 12 months. All recent sales in Pacoima →