15774 Tuscola Rd Apple Valley, CA 92307

Property Details for 15774 Tuscola Rd

Year built

1989

Lot size

1.37 lot acres

Property size

23,826 SF

Property type

Commercial real estate

APN

0473-111-07-0000 , 0473-111-08-0000

Description

This 19-unit apartment building in Apple Valley, California, presents a compelling value-add investment opportunity. The property, built in 1989 and recently renovated (within the last three years), boasts 23,826 square feet across three one-story buildings situated on a 1.37-acre lot. All 19 units are two-bedroom, one-and-a-half-bathroom apartments, each with a two-car garage. Currently operating at 68% occupancy, there are six vacant units offering immediate potential for increased rental income. Recent upgrades include a new roof, updated kitchens, and bathrooms. The open floor plan in each unit enhances appeal. The property is zoned R2 and benefits from its convenient location near a hospital, retail, and shopping centers. The asking price is $3,590,000, representing a price per square foot of $150.68 and a price per unit of $188,947.37. The current Net Operating Income (NOI) is $238,743, yielding a 6.65% cap rate. Pro-forma NOI is projected at $237,471, resulting in a 6.61% pro-forma cap rate. The absence of amenities like a pool contributes to lower maintenance costs. This property offers investors a chance to capitalize on immediate upside potential through increased occupancy and potential rent adjustments, while benefiting from a stable rental market and low maintenance requirements. The property's location near essential services further enhances its attractiveness to renters.