15774 Tuscola Rd Apple Valley, CA 92307

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.