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Kit Jin

kit@jinshomegroup.com +1(949) 688-3629

$ 5,100,000

Est. payment | -/mo

1.46 Acres Lot

Save

$ 5,100,000

Est. payment | -/mo

Save

1.46 Acres Lot

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

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Casey Picard Keller Williams Realty #01921866

NEARBY SCHOOLS & PROPERTIES

“My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! ”

+1(949) 688-3629

kit@jinshomegroup.com

20 Corporate Park # 175, Irvine, CA, 92606, United States

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524 E Avenue Q-12 Palmdale, CA 93550