14
$142,500
$153.94
6.40%
8.57%
10.25
8.27
The LAAA Team of Marcus & Millichap are proud to present 14 units located at 1140 E Avenue Q12 in Palmdale, California. The property sits on 23,922 SF lot with 12,960 SF of rentable area and is comprised of an excellent mix of 12 spacious two bedroom / two bathroom units and 2- two bedroom / one and a half bathroom two story townhomes. The property has been extensively renovated and features on-site gated parking, balconies, fireplaces, new A/C units and additional income from the property owned coin laundry room.
This property was on the market in 2019 where we received over a dozen offers and went in and out of escrow a few times. The issue that kept coming up was that the roof was old and there were some leaking issues. The sellers decided to take the property off the market, spend an estimated $100,000, and completely replace the roof. Now, with the roof being brand new, and some other miscellaneous upgrades including upgrades to the facade and security systems, this property is back to the market at the same price we had it before.
This is a very high CAP rate and cash flow deal, with still an approximate 20% upside in rents. This offering is a rare opportunity for an investor to buy a turn-key property in an up and coming Palmdale location. With the great income the property brings in, an investor would only need an estimated 30% down payment ($598,500) in order to get a fully amortized loan with a 4.00% interest rate. Utilizing this loan quote, an investor can expect a cash-on-cash return of 7.97% and after principle reduction, a total return of 12.08%.
This offering is perfect for the investor who wants to own a high cash flowing turn-key property with easy management and zero deferred maintenance.
