Property Detail

Description

This 4-unit apartment building presents an excellent investment opportunity in Lennox, a market positioned for continued growth and strong tenant demand. Situated on a large 13,086 SF lot, the property features 2,964 rentable square feet and a favorable unit mix consisting of (4) 2-Bed/1-Bath units, providing well-balanced layouts that appeal to a wide range of renters. Priced at $300,000 per unit and $404.86 per square foot, the asset offers an attractive entry CAP rate of 3.70% with significant room for growth, as investors can target approximately 50% rental upside and a projected market CAP rate of 6.85%. Beyond strong in-place fundamentals, the property presents multiple avenues for value creation, including the potential to add an ADU (buyer to verify) and further expansion possibilities under California’s new SB9 legislation, which may allow for a lot split or additional units (buyer to verify). Ideally located just two miles from both the Intuit Dome and SoFi Stadium, the property also includes (4) private one-car garages. This asset provides investors with both stable income and significant long-term growth potential.