We are proud to present this newer construction, 34-unit multifamily property located at 7108 Amigo Ave, Reseda, CA 91335. This 38,276 sqft apartment building sits on a large, corner lot of nearly half an acre, and it was built in 2017, meaning it is not subject to any rent control (state or local). The property boasts an excellent unit mix of (3) 1 Bed / 2 Bath Units, (30) 2 Bed / 2 Bath Units, and the seller is currently converting the 500 sqft office space to a studio ADU. This ADU conversion will be completed before close of escrow, and therefore the buyer will have 34 legal units at close. Furthermore, three of the units are designated for low income tenants, and all three of those are 2 bed units. With our list price/sqft of $337.03, this listing is priced near replacement cost. In other words, if you wanted to build this same property today, it could cost nearly $337 per sqft to develop this same building with today's high construction costs. With regards to the buyer's financing options, we have received an excellent loan quote for a qualified buyer from our internal Marcus & Millichap Capital Corporation. With the property's current net income, a buyer would be able to get a max loan amount of $7.35M (57% LTV) for a 5 year fixed rate, interest only loan with a 3.15% interest rate. With this interest only loan quote, the buyer would achieve an estimated 5.19% cash-on-cash return from day 1 with their $5.55M down payment. This opportunity is perfect for the investor who wants ease of management and a good day-1, stabilized cash-on-cash return, with very little repairs & maintenance costs because the property is only 4 years old with building warranties still in place. To prove how little repairs this property needs, the seller's 2020 income statement proves that the building needed less than $5,500 in repairs for the entire year. That is less than $170.00 per unit per year that the seller needed to spend for the entire year.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
