1980's Construction for $204k Per Unit! | 27614 Violin Canyon Rd
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1980's Construction for $204k Per Unit! 27614 Violin Canyon Rd
22 Unit Apartment Building $4,250,000 ($193,182/Unit) 5.43% Cap Rate Castaic, CA 91384
Investment Highlights
- PRICED TO SELL - $193,182 PER UNIT! | 35% Upside In Market Rents!
- 1980’s Construction | 18,816 Rental Sq. Ft. | HUGE 41,096 Sq. Ft. Lot
- Large, Spacious Units with Private Balconies and Patios | 37 Total Off-Street Parking Spaces | Copper Plumbing Throughout | Newer Roof
- Current 5.43% Cap Rate | 10.21 GRM
- Comprised of: (1) 2-Bed/1.75 Bath Unit with Large Patio, (7) 2-Bed/1.75 Bath Units, & (14) 1-Bed/1-Bath Units
- Tenant Amenities Include: Gated Entry, Swimming Pool, Intercom Call System, Laundry Room, & Covered Carport Parking
Executive Summary
PRICED TO SELL! Kristopher German and Alex Lin of The Apartment Dealer are pleased to exclusively offer for sale this 22 Unit multi-family residential investment opportunity in the city of Castaic, located just minutes north of the city of Valencia. Boasting a 5.43% Cap Rate and a 10.21 GRM, this property was constructed in the 1980s and offers 18,816 rental square feet on a substantial 41,096 square foot lot. The unit composition includes one 2-Bedroom/1.75-Bathroom unit with an oversized patio, seven additional 2-Bedroom/1.75-Bathroom units, and fourteen 1-Bedroom/1-Bathroom units, each with private balconies/patios, ensuring a desirable outdoor space for each tenant.
Tenant amenities enhance this property's appeal featuring gated private entry with an intercom call system, central A/C & Heat, sparkling swimming pool, communal laundry room, and covered carport parking with a total of 37 off-street parking spaces. The property also benefits from copper plumbing and a newer roof, highlighting its well-maintained condition.
With a 35% upside in market rents, this investment offers significant potential for revenue growth and upside appreciation.
Tenant amenities enhance this property's appeal featuring gated private entry with an intercom call system, central A/C & Heat, sparkling swimming pool, communal laundry room, and covered carport parking with a total of 37 off-street parking spaces. The property also benefits from copper plumbing and a newer roof, highlighting its well-maintained condition.
With a 35% upside in market rents, this investment offers significant potential for revenue growth and upside appreciation.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$412,374
|
$21.92
|
| Other Income |
$4,007
|
$0.21
|
| Vacancy Loss |
$12,491
|
$0.66
|
| Effective Gross Income |
$403,890
|
$21.47
|
| Taxes |
$49,942
|
$2.65
|
| Operating Expenses |
$123,331
|
$6.55
|
| Total Expenses |
$173,273
|
$9.21
|
| Net Operating Income |
$230,617
|
$12.26
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $412,374 |
| Annual Per SF | $21.92 |
| Other Income | |
|---|---|
| Annual | $4,007 |
| Annual Per SF | $0.21 |
| Vacancy Loss | |
|---|---|
| Annual | $12,491 |
| Annual Per SF | $0.66 |
| Effective Gross Income | |
|---|---|
| Annual | $403,890 |
| Annual Per SF | $21.47 |
| Taxes | |
|---|---|
| Annual | $49,942 |
| Annual Per SF | $2.65 |
| Operating Expenses | |
|---|---|
| Annual | $123,331 |
| Annual Per SF | $6.55 |
| Total Expenses | |
|---|---|
| Annual | $173,273 |
| Annual Per SF | $9.21 |
| Net Operating Income | |
|---|---|
| Annual | $230,617 |
| Annual Per SF | $12.26 |
Property Facts Under Contract
| Price | $4,250,000 | Apartment Style | Low Rise |
| Price Per Unit | $193,182 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.94 AC |
| Cap Rate | 5.43% | Building Size | 18,816 SF |
| Gross Rent Multiplier | 10.21 | Average Occupancy | 100% |
| No. Units | 22 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1981 |
| Property Subtype | Apartment | Parking Ratio | 1.97/1,000 SF |
| Price | $4,250,000 |
| Price Per Unit | $193,182 |
| Sale Type | Investment |
| Cap Rate | 5.43% |
| Gross Rent Multiplier | 10.21 |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.94 AC |
| Building Size | 18,816 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1981 |
| Parking Ratio | 1.97/1,000 SF |
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 8 | $1,900 | - |
| 1+1 | 14 | $1,492 | - |
PROPERTY TAXES
| Parcel Number | 2865-008-031 | Total Assessment | $1,980,494 (2024) |
| Land Assessment | $406,238 (2024) | Annual Taxes | $49,942 ($2.65/SF) |
| Improvements Assessment | $1,574,256 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
2865-008-031
Land Assessment
$406,238 (2024)
Improvements Assessment
$1,574,256 (2024)
Total Assessment
$1,980,494 (2024)
Annual Taxes
$49,942 ($2.65/SF)
Tax Year
2023
zoning
| Zoning Code | LCR3 |
| LCR3 |
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1980's Construction for $204k Per Unit! | 27614 Violin Canyon Rd
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