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12600 Correnti St Street — Pacoima | Belmont Brokerage

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$3,300,000

9,001 sqft lot00|4 DOM

12600 Correnti St St, Pacoima, CA 91331

Property 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.

Listing provided by: Kelly MorganDRE #01898026323-852-1372 Kelly@KellyMorganCommercial.com, Houze Real Estate Management

MLS #: 26832921