21902 Lassen St
- TURNKEY - RARE OPPORTUNITY FOR CONVERSION
- Total Renovation 2024
- Apartment/Condo/Townhome Style Units
- Full Kitchens with Stove/Oven/Sink/Refrigerator and Dining Area
- Low-Density Community on Large 2.64-Acre Lot
- Potential 6.33 Cap Rate - Pro Forma
Property Description
The Property is a unique opportunity to purchase a potential TURNKEY COVERSIION OPPORTUNITY ready for conversion ‘AS IS’. Originally constructed and designed for long-term extended stay family housing, the Property consists of 114 permanent residential units resting on an approximate 2.64 well contained lot with entry/exit only through the front of the property on Lassen Street. Built in 1989 and extensively renovated in 2024, The units offer: • Apartment/Condominium/Townhome style units • 87 1 Bedroom/1Bath units – average size is approximately 650 Square Feet • 27 2 Bedroom/1Bath units – average size is approximately 850 Square Feet • Full Kitchen in each unit with oven/stove, sink and refrigerator with Dining Area • Fully Furnished Units • Low Density Environment with Campus Like Living • HVAC Air Conditioning and Heating • Extensively Renovated in 2024 The Property offers the following amenities conducive to Permanent Housing: • Administration offices and Conference Room • Full Kitchen and Dining Area • Laundry Room – Property and Guest Laundry • Swimming Pool and Spa with Outdoor BBQ Area • Outdoor Gathering Areas • Fitness Center
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $37,260,000 |
| No. of Units: | 114 |
| Year Built: | 1989 |
| Lot Size: | 2.64 Acres |
| Opportunity Zone: | No |
| Price per unit: | $326,842 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
3110 Merrill Drive
Torrance, California
1341 Weeburn, Unit 75
Seal Beach, California
10811 Thunderbird Dr, Unit 56
Seal Beach, CaliforniaBrokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout