1850 Williams Street,Simi Valley, CA 93065
Simi Valley, CA 93065
Description
*CALL FOR OFFERS ON MARCH 28th* We are pleased to present the Westgate Apartments, a pride of ownership 31-unit asset in the highly desirable market of Simi Valley. The property is currently being operated as a 55+ community, but all covenants have expired and a new owner may choose to operate it with traditional tenants moving forward. The current 31 units on site are operating 88% below market rate. The property is also eligible for SB1211 allowing 8 detached ADU's on the property and 1 attached ADU for a total of 9 new 2 bed + 2 bath units, which would increase the gross income upside 167%. It is very rare to find a 1980's vintage asset at only $183k/unit. With the current in place rents the cap rate increases to a 8.1% after factoring in 1M in build costs for the 9 ADU's. Once all units are rented at market and ADU's are built, assuming a cost to renovate and build of $2.1; the property will operate at 10.56% cap rate and a 7 GRM. The property is fixed with common area amenities including a rec room as well as outdoor areas for grilling and socializing. 1850 Williams St is located in the heart of Simi Valley - just minutes away from restaurants, retail and supermarkets. This deal is perfect for investors looking for value-add, pride of ownership assets in a good neighborhood.
Details
| MLS# | SB25056078 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1989 |
| Days On Site | 44 |
| Listing Provided By | Lyon Stahl Investment Real Estate, Inc. 310-425-9838 | Cameron Samimi |
Features
| SQ Feet | 15,869 |
|---|---|
| Story(s) | 2 |
| Units | 31 |
| Building(s) | 1 |
| Zoning | RVH-34.8 |
| Acreage | 0.85 |
Market Activity 93065
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Learn More About This Property
| State | CA |
|---|---|
| County | Ventura |
| City | Simi Valley |
| Zip Code | 93065 |
| Area | 699 Not Defined |
| Listing VS Median (in 93065) | |
Price: $5,700,000 low | high Med: $849,000 SqFt: 15,869 low | high Med: 1,571 $ / SqFt: $359 low | high Med: $540 On site: 44 low | high Med: 94.000000 | |