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Listed by Casey Picard, DRE #01921866 • Keller Williams Realty
$ 5,100,000
Est. payment /mo
Active
524 E Avenue Q-12 Palmdale, CA 93550
1.46 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRP1-27871
Year Built 1980
Lot Size 1.462 Acres
Source California Regional MLS
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
Rooms
Kitchen None
Interior
Heating Wall Furnace
Cooling Window / Wall Unit
Laundry Community Facility
Exterior
Parking Features Assigned Spaces
Garage Spaces 30.0
Pool 31, None
View None
Others
Tax ID 3009011024
Special Listing Condition Not Applicable
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