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$ 2,200,000
Est. payment | /mo
1 Acres Lot
$ 2,200,000
Est. payment | /mo
1 Acres Lot
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID IG26223512
HOA Y/N No
Year Built 1985
Lot Size 1.000 Acres
Property Sub-Type Apartment
Property Description
Extremely well-maintained 14-unit apartment community in a sought-after Hesperia neighborhood, featuring a uniform mix of 2 bed, 1 bath units. Recent improvements include new exterior paint and new landscaping, and the asphalt and roofing are well maintained. Amenities include a pool, covered parking for every unit, low-maintenance desert landscaping, and an on-site laundry room. The property offers a clear value-add opportunity. Comparable nearby leases support market rents of approximately $1,600 for 2 bed, 1 bath units. Current average rent at $1,140 per unit. Total current gross revenue of approximately $191,520 with a pro forma annual gross rent of $268,800. Offered at a ~7.3% cap rate and a pro forma cap rate of ~10.8%. Bonus revenue potential: The common-area laundry room is ready for new coin-operated machines, which local operators can install and service on a revenue-share basis. One tenant currently receives a rent discount for on-site management, giving a new owner flexibility in how the property is run. The property is close to major employers, including Victor Valley College, Desert Valley Hospital, and Southern California Edison's regional offices. It is within one mile of seven shopping centers anchored by Vons, ALDI, WinCo Foods, Grocery Outlet, Stater Bros., Target, Home Depot, Lowe's, and Cinemark. Nearby schools include Mountain View Montessori, Endeavor School of Exploration, Excelsior Charter Schools, and Mojave Vista School of Cultural Arts. Hesperia is one of the fastest-growing cities in California, with population growth of more than 10% over the past decade and 3.5%+ since 2020, and an average household income of approximately $72,000.
Location
State CA
County San Bernardino
Area Hsp - Hesperia
Interior
Fireplaces Type None
Fireplace No
Laundry Laundry Room
Exterior
Carport Spaces 22
Pool Community
Community Features Rural, Pool
Total Parking Spaces 22
Private Pool No
Building
Lot Description Desert Back, Desert Front, Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 0415021240000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Lease Land No
Listed by David Friedman REALICORE 909-810-2108, DRE #01909018
NEARBY SCHOOL & BUSINESS