524 E Avenue Q-12, Palmdale, CA 93550
List Price: $5.1M
Listing Status: Active
0Days on Market: 0
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 1980
Lot Size: 63,682 sq ft
Private Pool: Yes
MLS Number: P1-27871
About This Property
524 E Avenue Q12 presents a compelling opportunity to acquire a well-maintained 30-unit apartment community in Palmdale, CA, situated on a substantial 1.46-acre parcel. The property features a highly desirable, consistent unit mix of all 2-bedroom / 1-bathroom units that commands strong tenant demand. Residents benefit from 30 on-site parking spaces, secure gated parking, ADA-compliant units, an on-site laundry room, a dedicated leasing office, and generous outdoor space.Current ownership has invested over $1,850,000 in capital improvements since 2018, positioning the asset as a turnkey, income-producing investment. Beyond its income upon the stabilization of the asset, the property offers meaningful upside: there is an opportunity to add up to 8 ADUs utilizing SB 1211, while the open stabilization and lease-up of the vacant units allows a buyer to achieve a projected cap rate of 7.09%.The sale includes a .46 acre site that is zoned for an additional 21 units. Together, these attributes make 524 E Avenue Q12 a great opportunity to stabilize a well-located asset with a clear path to enhanced returns through both rental growth and future development potential through ADU construction and redevelopment of the vacant lot.
Listing provided by: Casey Picard DRE #01921866 (626) 204-3300 casey.picard@aggregateip.com, Keller Williams Realty
Source: CRMLS, MLS #: P1-27871
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.