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440 E Q3 Palmdale, CA 93550
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Key Details
Sold Price $1,180,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,125 sqft
Price per Sqft $192
MLS Listing ID 21005529
Sold Date 10/28/21
Bedrooms 13
Year Built 1982
Lot Size 9,583 Sqft
Acres 0.22
Source Greater Antelope Valley Association of REALTORS®
Property Description
Built in 1982, this 7-Unit multifamily walk-up has a unit mix that includes (1) one-bedroom, one-bath unit and (6) two-bedroom, one-bath units. One of the two-bedroom units is vacant, and can be rented at full market rent, allowing at least 30% upside in gross rent. Considering that this vacant unit could be leased at market rent, and with all
units on a month-to-month basis, the current 14.6 GRM can be significantly decreased to a much more ''investor friendly'' 11.7 GRM. Market rents would be quickly achieved thru consistent permissible annual rent increases that would move in lockstep with the
expected rise in inflation (CPI).
The building comprises approximately 6,125 square feet of rent able space. There are two''tuck-under'' parking spaces, four carport parking spaces, two open tenant parking spaces, and two open guest parking spaces. Each unit is separately metered for gas & electric, plus evaporator coolers and wall furnaces as heating system.
Location
State CA
County Los Angeles
Zoning PDR3
Direction 14FWY to Palmdale Blvd. (R) to 6th St E(L) to Ave Q3(L) to property.
Exterior
Roof Type Composition
Building
Structure Type Stucco
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