547 Avenue Palmdale, CA 93550
- Apartment buildings
- 21,974 SF
Current Use by Public Records
- Apartment buildings
Property Details for 547 Avenue
- Year built
- 1981
- Property size
- 21,974 SF
- Property type
- Apartment buildings
Description
This 8-unit apartment building in Palmdale, CA presents a compelling value-add investment opportunity. The property, located at 547 E Ave Q-12, consists of four 4-bedroom, 2-bathroom townhomes and four 3-bedroom, 2-bathroom townhomes, totaling 21,974 square feet. Built in 1981 and renovated in 2022, the property boasts a 100% occupancy rate, generating a current NOI of $148,834 and a 5.95% cap rate. Pro forma projections indicate a potential NOI of $165,291 and a 6.61% cap rate. The asking price is $2,500,000, translating to $312,000 per unit and $271.98 per square foot of net rentable area (9,192 sq ft). The land value is $113.77 per square foot. This Class C multifamily property is situated in a desirable Palmdale location, a city without rent control, offering long-term investment potential. The property features four separate buildings, each two stories high, and is identified by APN 3009-010-005. The seller is pursuing a 1031 exchange. This is a rare opportunity to acquire a well-maintained, income-producing property with significant upside potential in a strong market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Palmdale
- County
- Los Angeles
- State
- California
- Longitude
- -118.119
- Latitude
- 34.5751
