440 East Avenue Palmdale, CA 93550

Built in 1982, this 7-Unit multifamily walk-up has a unit mix that includes (1) one-bedroom, one-bath unit and (6) two-bedroom, one-bath units. One of the two-bedroom units is vacant, and can be rented at full market rent, allowing at least 30% upside in gross rent. Considering that this vacant unit could be leased at market rent, and with all units on a month-to-month basis, the current 14.6 GRM can be significantly decreased to a much more 'investor friendly' 11.7 GRM. Market rents would be quickly achieved thru consistent permissible annual rent increases that would move in lockstep with the expected rise in inflation (CPI). The building comprises approximately 6,125 square feet of rentable space. There are two 'tuck-under' parking spaces, four carport parking spaces, two open tenant parking spaces, and two open guest parking spaces. Each unit is separately metered for gas & electric, and evaporative coolers for each unit are located on the roof provide cooling for the units, while wall furnaces in each unit provide heat. Overall, the building is in average-to-good condition with no visible deferred maintenance items.
Built in 1982, this 7-Unit multifamily walk-up has a unit mix that includes (1) one-bedroom, one-bath unit and (6) two-bedroom, one-bath units. One of the two-bedroom units is vacant, and can be rented at full market rent, allowing at least 30% upside in gross rent. Considering that this vacant unit could be leased at market rent, and with all units on a month-to-month basis, the current 14.6 GRM can be significantly decreased to a much more 'investor friendly' 11.7 GRM. Market rents would be quickly achieved thru consistent permissible annual rent increases that would move in lockstep with the expected rise in inflation (CPI). The building comprises approximately 6,125 square feet of rentable space. There are two 'tuck-under' parking spaces, four carport parking spaces, two open tenant parking spaces, and two open guest parking spaces. Each unit is separately metered for gas & electric, and evaporative coolers for each unit are located on the roof provide cooling for the units, while wall furnaces in each unit provide heat. Overall, the building is in average-to-good condition with no visible deferred maintenance items.