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12600 Correnti St - 14 Units Covered Land Play - Add 20 Units 14 Unit Apartment Building Offered at $4,522,782 CAD at a 7.50% Cap Rate Pacoima, CA 91331
Investment Highlights
- *Property Features* - 14 Renovated units cash flowing at amazing 7.5% Cap Rate & 9.8 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
- *Financial Metrics* - Demand-driven unit mix consisting primarily of 1+1 units.
Executive Summary
14 Existing Renovated units + plans for 20 New market-rate units cash flowing at an amazing Current Cap Rate of 7.5% from day 1! Attractive 2.5M 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 market-rate 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 anticipated to deliver over $2.7M 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 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.
Contact us today to request the OM or schedule a private tour.
**Contact Kelly Morgan Multifamily Group for more information (310) 836-3638 or Kelly@KellyMorganCommercial.com**
*Disclaimer:
The attached information and figures are projections provided solely for conceptual marketing purposes and must be verified by the prospective purchasers. Neither the Seller, Alactic Systems, Kelly Morgan, their team, nor any related employees or independent contractors warrant their accuracy. Prospective purchasers should conduct their own due diligence and are advised to conduct a thorough investigation including consulting with the appropriate professionals regarding all relevant details, facts, and projections, including the ability to make any potential improvements or build an ADU on the property in question.
Contact us today to request the OM or schedule a private tour.
**Contact Kelly Morgan Multifamily Group for more information (310) 836-3638 or Kelly@KellyMorganCommercial.com**
*Disclaimer:
The attached information and figures are projections provided solely for conceptual marketing purposes and must be verified by the prospective purchasers. Neither the Seller, Alactic Systems, Kelly Morgan, their team, nor any related employees or independent contractors warrant their accuracy. Prospective purchasers should conduct their own due diligence and are advised to conduct a thorough investigation including consulting with the appropriate professionals regarding all relevant details, facts, and projections, including the ability to make any potential improvements or build an ADU on the property in question.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$457,440
|
$85.76
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$13,723
|
$2.57
|
| Effective Gross Income |
$443,716
|
$83.19
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$104,460
|
$19.58
|
| Net Operating Income |
$339,257
|
$63.60
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $457,440 |
| Annual Per SF | $85.76 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $13,723 |
| Annual Per SF | $2.57 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $443,716 |
| Annual Per SF | $83.19 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $104,460 |
| Annual Per SF | $19.58 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $339,257 |
| Annual Per SF | $63.60 |
Property Facts
| Price | $4,522,782 CAD | Property Type | Multifamily |
| Price Per Unit | $323,056 CAD | Lot Size | 0.21 AC |
| Sale Type | Investment | Building Size | 5,334 SF |
| Cap Rate | 7.50% | No. Stories | 2 |
| Gross Rent Multiplier | 9.89 | Year Built | 1950 |
| No. Units | 14 | Opportunity Zone |
Yes
|
| Zoning | [Q]C2-1VL-CUGU | ||
| Price | $4,522,782 CAD |
| Price Per Unit | $323,056 CAD |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| Gross Rent Multiplier | 9.89 |
| No. Units | 14 |
| Property Type | Multifamily |
| 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 | $749,439 CAD |
| Land Assessment | $1,154,139 CAD | Total Assessment | $1,903,577 CAD |
Property Taxes
Parcel Number
2537-012-024
Land Assessment
$1,154,139 CAD
Improvements Assessment
$749,439 CAD
Total Assessment
$1,903,577 CAD
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12600 Correnti St - 14 Units Covered Land Play - Add 20 Units
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