12600 Correnti St Street
Pacoima, CA 91331
$3,300,000
About This Home
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.
Property Details
Location
Listed by
Kelly Morgan
Houze Real Estate Management
MLS# CLW-C121229
Request Information
Interested in 12600 Correnti St Street? We'd love to help.
Based on information from CRMLS. All data is deemed reliable but not guaranteed. Listings marked with the CRMLS icon are provided courtesy of the California Regional MLS. Information is provided for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumer may be interested in purchasing.