Adelanto, CA 92301,11246 Chapparal AVE
Adelanto, CA 92301,11246 Chapparal AVE
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$930,000

$950,000

2.1%
Est.Price: ?

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Est. payment /mo

0.46 Acres Lot


SOLD DATE : 08/30/2024

Key Details

Sold Price $930,000

Property Type Condo

Sub Type Apartment

Listing Status Sold

Purchase Type For Sale

MLS Listing ID CV23163237

Sold Date 08/30/24

HOA Y/N No

Year Built 1987

Lot Size 0.460 Acres

Property Description

This attractive 6-unit apartment offers a lucrative investment opportunity. Each of the six units consists of 2 bedrooms and 1 bathroom, making them ideal for both individuals and small families. The added convenience of indoor laundry facilities within each unit eliminates the need for tenants to travel elsewhere for their laundry needs, enhancing the appeal of the apartments.

One standout feature is the inclusion of a 1-car garage per apartment. This feature not only provides tenants with secure parking but also adds to the overall value of the property. In an area where parking can often be a challenge, this amenity sets these apartments apart from the competition.

The potential for increased rental income is an exciting aspect of this investment. The current market rents stand at $9600, offering room for upside potential. This potential for growth in rental income is particularly appealing, given the property's strategic location. Situated near a Logistics Airport and the newly established Amazon Distribution Center, the demand for housing in the area is likely to remain strong, contributing to a stable tenant pool.

Two of the units have been recently remodeled, adding a modern touch to the complex. This not only improves the aesthetic appeal but also suggests a commitment to maintaining the property's value over time. Additionally, the recent installation of a new air conditioning unit improves the overall comfort and desirability of the apartments, another attractive feature for potential tenants.

It's worth noting that the Section 8 Local Payment Standards dictate rents at $1769. This provides a level of stability in rental income, as these standards are typically reliable and consistent. This could be an advantage in terms of securing consistent rental income, even in fluctuating market conditions.

Finally, with a projected 8% Capitalization Rate (Cap) at market rents, this investment demonstrates strong potential for financial growth. This rate showcases the relationship between the property's net operating income and its market value, indicating a solid return on your investment.

Overall, this 6-unit apartment complex presents a compelling opportunity for an investor like you. The combination of well-designed units, convenient amenities, potential for increased rental income, and strategic location near key transportation hubs and employers make this property an attractive addition to your portfolio.

Location

State CA

County San Bernardino

Area Adl - Adelanto

Interior

Heating Forced Air

Cooling Central Air

Fireplaces Type None

Fireplace No

Laundry Inside

Exterior

Garage Spaces 6.0

Garage Description 6.0

Fence Wood

Pool None

Community Features Curbs

View Y/N No

View None

Roof Type Shingle

Total Parking Spaces 6

Private Pool No

Building

Story 1

Entry Level One

Sewer Unknown

Water Public

Level or Stories One

New Construction No

Others

Senior Community No

Tax ID 0459611080000

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Financing Private

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Francisco Perpuly • EXP REALTY OF CALIFORNIA INC • 951-888-0307
Bought with Hank Hoang • Treeline Realty & Investment
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4016 Grand Ave Suite A # 1082, Chino, CA, 91710, United States

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