16193 H StMojave, CA 93501

Property Details for 16193 H St

Year built

2007

Lot size

6.03 AC

Property size (Sq ft)

84,256 SF

Property type

Apartment buildings

Description

This exceptional 81-unit apartment complex in Mojave, California, presents a compelling investment opportunity. The property, built in 2007, boasts 84,256 square feet across 11 two-story buildings situated on a 6.03-acre lot. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $229,036, representing a 5.42% cap rate. A pro-forma NOI of $381,860 projects a 9.20% cap rate. The asking price is $4,150,000, translating to $49.25 per square foot and $51,235 per unit. The unit mix includes 40 two-bedroom, 33 three-bedroom, and 8 four-bedroom apartments. The property is zoned R-2 and features a fee-simple ownership structure. Importantly, this is an IRS Section 42 LIHTC restricted property with a 55-year Regulatory Agreement in place, mandating that 80 units be rented to residents earning no more than Area Median Income (AMI) levels: 10% at 30% AMI, 20% at 45% AMI, and 50% at 50% AMI. The property's APN is 23648010008 and is located at 16193 H St, Mojave, CA 93501. This represents a unique chance to acquire a well-maintained, multifamily asset with significant upside potential, well below current construction costs. The property was placed in service in September 2007 and includes a 9% tax credit award.

Location Insight

City

Mojave

County

Kern

State

California

Latitude

35.0547

Longitude

-118.178

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