8911 Troy St Spring Valley, CA 91977

Property Details for 8911 Troy St

Year built

2010

Property size

2,642 SF

Property type

Commercial real estate

APN

503-290-08-00

Description

This exceptional investment opportunity presents a turnkey, renovated two-unit apartment building situated on a substantial 20,948 square foot lot in Spring Valley, California. The property, boasting a Class A designation, features a total of 2,642 square feet and includes two units: a 2-bedroom, 1-bathroom unit and a 1-bedroom, 1-bathroom unit. Each unit benefits from recent (2023) complete renovations, encompassing new electrical and plumbing systems, as well as extensive interior and exterior upgrades. The property's condition is assessed as "equivalent of new." Currently vacant, this property offers immediate cash flow potential, estimated at $7,000 per month in gross achievable income. The property also includes five rear storage sheds, providing additional income streams. Ample parking is available, with at least 35 spaces. The property is zoned C-36, allowing for commercial/mixed-use development, with potential for significant expansion. Preliminary assessments suggest the possibility of developing 16-20 units, or more, potentially leveraging county-approved affordable density bonuses. This prime location in Spring Valley offers high traffic and proximity to amenities, parks, schools, restaurants, retail, freeways, and public transit. The asking price is $1,500,000, representing a price per square foot of $567.75 and a price per unit of $750,000. The land value alone is estimated at $74 per square foot. The property's Net Operating Income (NOI) is $50,725, resulting in a 3.38% cap rate. This is a rare opportunity to acquire a renovated multifamily property with significant redevelopment potential in a desirable location. The property features three buildings, all one story, built in 2010.