21905 Powhatan RdApple Valley, CA 92308

Property Details for 21905 Powhatan Rd

Year built

1972

Lot size

4.76 AC

Property size (Sq ft)

7,774 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 13-unit apartment building situated on a 4.757-acre lot in Apple Valley, California. The property, built in 1972, boasts 7,774 square feet and offers a current NOI of $131,895, translating to a 5.07% cap rate. A pro-forma NOI of $146,101 projects a 5.62% cap rate, showcasing significant upside potential. The asking price is $2,600,000, or $200,000 per unit. This value-add opportunity is further enhanced by the inclusion of additional land zoned under the recently approved Village Specific Plan, allowing for the development of up to 92 additional units. The property benefits from grandfathered multifamily zoning, simplifying the development process. Existing city water and sewer infrastructure reduces upfront development costs. Its prime location adjacent to a park and community center, near shopping, schools, and recreational facilities, ensures high tenant demand. This property offers a compelling blend of immediate rental income and substantial long-term growth potential in a thriving market. Seller financing is available for the development opportunity.

Location Insight

City

Apple Valley

County

San Bernardino

State

California

Latitude

34.4962

Longitude

-117.185

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