CA > Simi Valley
Simi Valley, CA 93065,1850 Williams Street
Simi Valley, CA 93065,1850 Williams Street
Simi Valley, CA 93065,1850 Williams Street
Additional details
Paul Ward

Paul Ward

+1(805) 479-5004
Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
$5,700,000
Est. payment /mo
15,869 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Sub Type Apartment

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 15,869 sqft

Price per Sqft $359

MLS Listing ID SB-25054169

Year Built 1989

Lot Size 0.849 Acres

Property Sub-Type Apartment

Property 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.

Location

State CA

County Ventura

Zoning RVH-34.8

Interior

Laundry Community

Exterior

Parking Features Carport

Pool None

Community Features Urban

Building

Lot Description Corner Lot, 0-1 Unit/Acre

Sewer Public Sewer

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agent

Paul Ward

+1(805) 479-5004

Broker Associate | License ID: 01354001

Broker Associate License ID: 01354001

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