14
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$5,100,000
Est. payment /mo
1.46 Acres Lot
New
524 E Avenue Q-12 Palmdale, CA 93550
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-27871
HOA Y/N No
Year Built 1980
Lot Size 1.462 Acres
Property Description
524 E Avenue Q12 presents a compelling opportunity to acquire a well-maintained 30-unit apartment community in Palmdale, CA, situated on a substantial 1.46-acre parcel. The property features a highly desirable, consistent unit mix of all 2-bedroom / 1-bathroom units that commands strong tenant demand. Residents benefit from 30 on-site parking spaces, secure gated parking, ADA-compliant units, an on-site laundry room, a dedicated leasing office, and generous outdoor space.Current ownership has invested over $1,850,000 in capital improvements since 2018, positioning the asset as a turnkey, income-producing investment. Beyond its income upon the stabilization of the asset, the property offers meaningful upside: there is an opportunity to add up to 8 ADUs utilizing SB 1211, while the open stabilization and lease-up of the vacant units allows a buyer to achieve a projected cap rate of 7.09%.The sale includes a .46 acre site that is zoned for an additional 21 units. Together, these attributes make 524 E Avenue Q12 a great opportunity to stabilize a well-located asset with a clear path to enhanced returns through both rental growth and future development potential through ADU construction and redevelopment of the vacant lot.
Location
State CA
County Los Angeles
Area Plm - Palmdale
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Parking Features Assigned
Fence Wrought Iron
Pool None
Community Features Sidewalks
View Y/N No
View None
Total Parking Spaces 30
Private Pool No
Building
Lot Description Sprinklers None
Others
Senior Community No
Tax ID 3009011024
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by Casey Picard Keller Williams Realty #01921866
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