1001 Walnut Dr Arvin, CA 93203-2057

La Amistad Apartments, a 2004-built, 80-unit apartment complex in Arvin, CA, presents a compelling investment opportunity. This Fee Simple, Class B property boasts 243,936 square feet on a 5.6-acre lot, with 131,686 square feet of net rentable space. The property features ten 2-story buildings, offering a mix of 48 three-bedroom and 32 four-bedroom units. Currently operating at 100% occupancy, the property generates a NOI of $477,961, representing a 6.21% cap rate and a pro-forma cap rate of 7.03%. The asking price is $7,692,000, or $96,150 per unit. The property is subject to a 55-year Regulatory Agreement stemming from a 9% LIHTC award received upon its placement in service in November 2004. This agreement mandates that 79 units be rented to residents earning no more than Area Median Income (AMI), with specific percentages at 40%, 50%, and 55% AMI, and rents are restricted accordingly by the Tax Credit Allocation Committee (TCAC). The property's location in the rapidly expanding and affordable market of Arvin, Kern County, CA (zip code 93203, APN 19207004003), offers investors a unique opportunity in the California market. This is a rare chance to acquire a substantial multifamily property with a strong income stream and significant tax advantages.