11811 167th St Artesia, CA 90701-1818

Property Details for 11811 167th St

Year built

1948

Construction

WOOD

Lot size

0.19 lot acres

Property size

1,826 SF

Zone code

ATM1*

Property type

Apartment buildings

APN

7011-006-019

APU

7011006019

Description

This exceptional 5-unit apartment building presents a compelling value-add opportunity in Artesia, California. Situated on a substantial 10,813 square foot lot, the property comprises two single-story buildings totaling 1,826 square feet of net rentable space. Currently boasting 100% occupancy, the property features a mix of unit types: one three-bedroom unit and four studio units, all recently renovated. The current Net Operating Income (NOI) stands at $61,758, yielding a 5.61% capitalization rate. However, a pro-forma analysis projects a significant increase in NOI to $90,332, resulting in an attractive 8.21% pro-forma cap rate. The asking price is $1,100,000, translating to $220,000 per unit and $602.41 per square foot. Built in 1948, the property is zoned ATM1, offering potential for future development, including the possibility of adding Accessory Dwelling Units (ADUs). The property's convenient location near the 91 and 605 freeways provides easy access to major transportation arteries, while nearby amenities include Walgreens, 99 Ranch Market, and various restaurants. This investment offers a strong current return with substantial upside potential through increased rents and potential ADU development. The ample lot size provides significant onsite parking. This is a rare opportunity to acquire a well-maintained multifamily property in a desirable location with significant growth potential.