We are proud to present 2051 S Corning St, a 6-unit property located in the Palms submarket priced at a 5% CAP and a 12.45GRM! This opportunity consists of a single, two-story building built in 1960 comprising of 6,448sf situated on a 6,307sf LARD1.5 zoned lot featuring a superior unit… Read More mix of (5) three-bedroom two bath and (1) studio units. 4 of 6 units have been renovated and the Earthquake Retrofit has been completed! With alley access, this property features 5 parking spaces in the rear, providing tenants easy access to and from the building. One three-bedroom two bath unit, featuring a private yard, will be delivered VACANT and renovated. There is potential to operate the building at a 6.61% cap rate and 10.14 GRM at market rents, offering an exceptional opportunity for any type investor looking to preserve capital while continuing to drive long term returns in an exceptionally robust submarket that is continuing to improve with ongoing development. Contact the listing broker for additional details. Read Less
Property listed by Kidder Mathews of California, Inc., Casey Lins 858-369-3010
Listing Snapshot
Days Online
58
Last Updated
Property Type
Other
Beds
15
Square Ft.
6,448
Lot Size
0.14 Acres
Year Built
1960
MLS Number
25519279
30 Days Snapshot Of 90034
$1.58M
-24%
(avg) sold price
12
+71%
homes sold
55
+25%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1960, Building area total: 6,448, Levels: Two, Living area: 6448, 2 stories, 1 building
Income
Gross income: $200,352, Net operating income: $124,837
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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