For sale Camelot Apartments, a value-add 20-unit garden-style building located in the San Fernando Valley neighborhood of Reseda. The property is priced well below replacement cost at $272 per square foot and offers immediate upside as the rents are below market and the building is not rent controlled. At the asking price of $5,200,000, the current cap rate is 4.65% with a GRM of 12.6. We estimate that if a buyer were to spend roughly $20,000 per unit in upgrades, the buyer would achieve a 5.21% cap rate "all in", including the renovation costs. Built in 1987, the property features a desirable unit mix of 18 two-bedroom units and two one-bedroom units averaging almost 900 square feet per unit. The building has gated garage parking with at least one space per bedroom. Units are separately metered for gas and electricity and feature central heat and air conditioning.
Listing courtesy of Laurie Lustig from Laurie J. Lustig
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