About 1850 Williams Street
*CALL FOR OFFERS ON MARCH 28th* We are pleased to present the Westgate Apartments, a pride of ownership 31-unit asset in the highly desirable market of Simi Valley. The property is currently being operated as a 55+ community, but all covenants have expired and a new owner may choose to operate it with traditional tenants moving forward. The current 31 units on site are operating 88% below market rate. The property is also eligible for SB1211 allowing 8 detached ADU's on the property and 1 attached ADU for a total of 9 new 2 bed + 2 bath units, which would increase the gross income upside 167%. It is very rare to find a 1980's vintage asset at only $183k/unit. With the current in place rents the cap rate increases to a 8.1% after factoring in 1M in build costs for the 9 ADU's. Once all units are rented at market and ADU's are built, assuming a cost to renovate and build of $2.1; the property will operate at 10.56% cap rate and a 7 GRM. The property is fixed with common area amenities including a rec room as well as outdoor areas for grilling and socializing. 1850 Williams St is located in the heart of Simi Valley - just minutes away from restaurants, retail and supermarkets. This deal is perfect for investors looking for value-add, pride of ownership assets in a good neighborhood.
Features of 1850 Williams Street
| MLS® # | SB25054169 |
|---|---|
| Price | $5,700,000 |
| Bedrooms | 1 |
| Bathrooms | 1.00 |
| Acres | 0.85 |
| Type | Residential Income |
| Sub-Type | Res Income 2-4 Units |
| Status | Closed |
Community Information
| Address | 1850 Williams Street |
|---|---|
| Area | SIMI VALLEY (93065) |
| City | Simi Valley |
| County | Ventura |
| State | CA |
| Zip Code | 93065 |
Amenities
| Is Waterfront | No |
|---|---|
| Has Pool | No |
| Pool | N/K |
Interior
| Fireplace | Yes |
|---|
Exterior
| Lot Description | Corner Lot |
|---|
Additional Information
| Days on Market | 189 |
|---|---|
| Zoning | Assessor |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Lyon Stahl Investment Real Estate, Inc. |
|---|