Description
Investment opportunity of a 10-unit building located at 5846-5850 Woodman Avenue, Valley Glen, CA. Offered at a current 5% Cap Rate with 117% upside in rents! This property consists of two buildings with a mix of (6) 1-Bedroom/1-Bath and (2) 3-Bedroom/1-Bath and (2) Townhouse style 2-Bedroom/1 1/2-Bath units with a combined 9,876 square feet of rentable space on a combined 13,029 square foot lot across two separate APN's. Built in 1952, this complex offers an on-site laundry room along with (4) double-car and (2) single-car enclosed garages for a total of 10 spaces behind the building. Permits paid for and in hand to convert all the garages into Four new 2bd 1ba ADU units which will be provided to the buyer. The current cap rate is 5% with a Pro-forma cap rate of 13.21%. In addition, all units are separately metered for gas and electricity and have wall-unit A/C and Heat with the exception of the two townhouse-style units which have central A/C.
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16BEDS
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0.3ACRES
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0BATHS
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01/2 BATHS
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9,876SQFT
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$324$/SQFT
School Ratings & Info
Description
Investment opportunity of a 10-unit building located at 5846-5850 Woodman Avenue, Valley Glen, CA. Offered at a current 5% Cap Rate with 117% upside in rents! This property consists of two buildings with a mix of (6) 1-Bedroom/1-Bath and (2) 3-Bedroom/1-Bath and (2) Townhouse style 2-Bedroom/1 1/2-Bath units with a combined 9,876 square feet of rentable space on a combined 13,029 square foot lot across two separate APN's. Built in 1952, this complex offers an on-site laundry room along with (4) double-car and (2) single-car enclosed garages for a total of 10 spaces behind the building. Permits paid for and in hand to convert all the garages into Four new 2bd 1ba ADU units which will be provided to the buyer. The current cap rate is 5% with a Pro-forma cap rate of 13.21%. In addition, all units are separately metered for gas and electricity and have wall-unit A/C and Heat with the exception of the two townhouse-style units which have central A/C.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-12-05T09:29:09.46. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Twiss Realty Group - Brokered by EXP. Licensed in the State of California, USA.