21905 Powhatan Rd Apple Valley, CA 92308
- Commercial real estate
- 7,774 SF
- 4.76 lot acres
Current Use by Public Records
- Halter Haven Apartment / Apartment Building
Property Details for 21905 Powhatan Rd
- Year built
- 1972
- Lot size
- 4.76 lot acres
- Property size
- 7,774 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 13-unit apartment building situated on a 4.757-acre lot in Apple Valley, California. The property, built in 1972, boasts 7,774 square feet and offers a current NOI of $131,895, translating to a 5.07% cap rate. A pro-forma NOI of $146,101 projects a 5.62% cap rate, showcasing significant upside potential. The asking price is $2,600,000, or $200,000 per unit. This value-add opportunity is further enhanced by the inclusion of additional land zoned under the recently approved Village Specific Plan, allowing for the development of up to 92 additional units. The property benefits from grandfathered multifamily zoning, simplifying the development process. Existing city water and sewer infrastructure reduces upfront development costs. Its prime location adjacent to a park and community center, near shopping, schools, and recreational facilities, ensures high tenant demand. This property offers a compelling blend of immediate rental income and substantial long-term growth potential in a thriving market. Seller financing is available for the development opportunity.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Apple Valley
- County
- San Bernardino
- State
- California
- Longitude
- -117.1854548
- Latitude
- 34.4961844
