For Sale
$7,692,000

1001 Walnut DrArvin, CA 93203

Kern County Multifamily Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
La Amistad Apartments, a 2004-built, 80-unit apartment complex in Arvin, CA, presents a compelling investment opportunity. This Fee Simple, Class B property boasts 243,936 square feet on a 5.6-acre lot, with 131,686 square feet of net rentable space. The property features ten 2-story buildings, offering a mix of 48 three-bedroom and 32 four-bedroom units. Currently operating at 100% occupancy, the property generates a NOI of $477,961, representing a 6.21% cap rate and a pro-forma cap rate of 7.03%. The asking price is $7,692,000, or $96,150 per unit. The property is subject to a 55-year Regulatory Agreement stemming from a 9% LIHTC award received upon its placement in service in November 2004. This agreement mandates that 79 units be rented to residents earning no more than Area Median Income (AMI), with specific percentages at 40%, 50%, and 55% AMI, and rents are restricted accordingly by the Tax Credit Allocation Committee (TCAC). The property's location in the rapidly expanding and affordable market of Arvin, Kern County, CA (zip code 93203, APN 19207004003), offers investors a unique opportunity in the California market. This is a rare chance to acquire a substantial multifamily property with a strong income stream and significant tax advantages.

Highlights

  • 80-unit apartment complex in Arvin, CA, built in 2004.
  • Fee simple ownership, Class B property with 131,686 square feet of net rentable space on a 5.6-acre lot.
  • Currently 100% occupied, generating a $477,961 NOI, 6.21% cap rate, and a pro-forma cap rate of 7.03%.
  • Asking price: $7,692,000 ($96,150 per unit).
  • Subject to a 55-year regulatory agreement due to a 9% LIHTC award; 79 units are rent-restricted.

Property Details for 1001 Walnut Dr

Property type
Apartment buildings
Square Feet
243,936 SF
Class
B
Year Built
2004
Buildings
10
Stories
2
Lot Size (sq. ft)
243,936 SF
Units
80

Location Insight

City
Arvin
County
Kern
State
California
Latitude
35.1959068
Longitude
-118.8396103
1001 Walnut Dr, Arvin, California

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1001 Walnut Dr
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