38110 10th St E, Palmdale, CA 93550

Property Description

We are pleased to present 38110 10th St E, a 7-unit multifamily investment opportunity located in the growing Antelope Valley community of Palmdale, California. The property is offered at an attractive 7.24 GRM and 9.20% CAP Rate based on current rents upon full occupancy, providing investors with exceptional day-one cash flow. Constructed in 1979, the property features three separate residential buildings totaling approximately 6,866 rentable square feet. The unique unit mix consists of one (1) 7-bedroom/5-bathroom unit, one (1) 4-bedroom/2-bathroom unit, one (1) 2-bedroom/1-bathroom unit, and four (4) 1-bedroom/1-bathroom units, with one 1-bedroom/1-bathroom unit scheduled to be delivered vacant, providing an immediate opportunity to lease at market rent or occupy. Situated on an expansive 28,046 square foot PDR3-zoned lot, the property offers a rare combination of strong in-place income and long-term value-add potential. The oversized parcel provides ample excess land that may present the opportunity for Accessory Dwelling Units (ADUs) or additional site improvements (Buyer to independently verify development potential with the City of Palmdale). Existing parking is abundant and includes three separate carport structures providing 11 covered parking spaces, in addition to substantial on-site surface parking for residents and guests. The property is ideally located just two blocks east of Sierra Highway and only minutes from State Route 14, providing convenient access throughout the Antelope Valley as well as the greater Los Angeles region. Residents benefit from proximity to numerous employers, retail centers, schools, parks, and everyday amenities, including Palmdale Regional Medical Center, Lake Palmdale, Palmdale Regional Airport, Melville J. Courson Park, Desert Sands Park, and multiple neighborhood shopping centers. The surrounding area continues to experience steady residential growth, supporting long-term rental demand. With an attractive going-in yield, a vacant unit offering immediate upside, an oversized development-friendly lot, and a desirable location within one of Palmdale's established residential neighborhoods, 38110 10th St E presents investors with a compelling opportunity to acquire a high-yield multifamily asset with both stable cash flow and future value enhancement potential. Contact the listing broker for additional information.