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14 Units Covered Land Play - Add 20 Units 10028 San Fernando Rd 14 Unit Apartment Building $4,472,685 CAD ($319,477 CAD/Unit) 8.30% Cap Rate Pacoima, CA 91331
Investment Highlights
- Property Features: 14 Renovated units cash flowing at amazing 7.92% Cap Rate & 9.44 GRM from Day 1
- Covered Land Play: Potential to add 20 additional units consisting of: 7 by right and 13 ADUs.
- Assumable Loan: Attractive assumable $2.5M loan at 3.9% interest rate through 9/1/2027
- Unit Mix: Demand-driven unit mix consisting primarily of 1+1 units.
Executive Summary
PRICE REDUCTION! 14 Existing Renovated units + plans for 20 new market-rate units cash flowing at an amazing Current Cap Rate of 7.92% from day 1! Attractive 2.5M assumable loan (requiring only ~17% down) at an incredibly low rate of 3.9% fixed through 09/01/2027 yielding a remarkable 15.39% cash-on-cash return. Preliminary plans to add 20 new market-rate units to achieve an unheard of 14.4% Cap Rate, 5.6 GRM, and only 141k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The project is anticipated to deliver over $2.79MM in net profit after all construction and resale costs, yielding an exceptional 125.84% 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 Facts
| Price | $4,472,685 CAD | Property Subtype | Apartment |
| Price Per Unit | $319,477 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 8.30% | Building Size | 5,334 SF |
| Gross Rent Multiplier | 9.44 | No. Stories | 2 |
| No. Units | 14 | Year Built | 1950 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Zoning | [Q]C2-1VL-CUGU | ||
| Price | $4,472,685 CAD |
| Price Per Unit | $319,477 CAD |
| Sale Type | Investment |
| Cap Rate | 8.30% |
| Gross Rent Multiplier | 9.44 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.21 AC |
| Building Size | 5,334 SF |
| No. Stories | 2 |
| Year Built | 1950 |
| Opportunity Zone |
Yes |
| Zoning | [Q]C2-1VL-CUGU |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 2537-012-024 | Improvements Assessment | $763,995 CAD |
| Land Assessment | $1,176,555 CAD | Total Assessment | $1,940,551 CAD |
Property Taxes
Parcel Number
2537-012-024
Land Assessment
$1,176,555 CAD
Improvements Assessment
$763,995 CAD
Total Assessment
$1,940,551 CAD
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14 Units Covered Land Play - Add 20 Units | 10028 San Fernando Rd
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