This exceptional 4-unit apartment building presents a compelling investment opportunity in Palmdale, California. Boasting a 7.5% cap rate and a substantial net operating income (NOI) of $125,658, this property offers strong cash flow potential. Built in 1988 and situated on a large 31,131 square foot lot, the property features a desirable unit mix: three 4-bedroom/2-bathroom units and one 3-bedroom/2-bathroom unit, totaling 5,626 square feet of living space. Each unit is generously sized and includes its own private yard, attached two-car garage, and additional driveway parking. Recent renovations encompass new kitchens, bathrooms, flooring, in-unit laundry, appliances, tiled fireplaces, and garage cabinetry. Currently, some units are occupied by Section 8 tenants, ensuring consistent rental income. One unit is vacant, allowing for immediate market rent adjustments. The property benefits from its location in a quiet cul-de-sac, close proximity to Palmdale Shopping Mall, Blackbird Airpark, Palmdale Regional Airport, and major aerospace employers like Boeing, Lockheed Martin, and Northrop Grumman. Importantly, this property is not subject to City of Los Angeles rent control, and is only subject to California's AB 1482, permitting annual rent increases up to 8.9%. The asking price is $1,675,000. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a thriving location. The property's location in Los Angeles County, with APN 3018-016-049, further enhances its investment appeal.
Highlights
7.5% Cap Rate, 4-unit Palmdale multifamily in Opportunity Zone.
Subject to AB 1482 (8.9% annual rent increases), no Los Angeles City rent control.
One vacant unit available.
Completely remodeled units with new kitchens, baths, flooring, in-unit laundry, private yards, appliances, fireplaces, and garage cabinetry.
Occupied units have Section 8 tenants, providing stable cash flow.
Large 31,131± sq. ft. lot in quiet Palmdale cul-de-sac, near Boeing, Lockheed Martin, and Northrop Grumman.
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Contacts
Anie Mayelian
Aleen Mayelian
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38605 25Th St, Palmdale, California, 93550
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38605 25Th St
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