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$ 5,700,000
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New
1850 Williams ST Simi Valley, CA 93065
0.85 Acres Lot
UPDATED:
03/14/2025 03:03 AM
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25056078
HOA Y/N No
Year Built 1989
Lot Size 0.849 Acres
Property Sub-Type Multi Family
Property Description
*CALL FOR OFFERS ON MARCH 28th*
We are pleased to present the Westgate Apartments, a pride of ownership 31-unit asset in the highly desirable market of Simi Valley. The property is currently being operated as a senior apartment building, but all covenants have expired and a new owner may choose to operate it with traditional tenants moving forward. The subject property has nearly 75% upside available in scheduled gross income, offering an ideal value-add opportunity. The property currently collects ~$36k/month in rental income and is offered at only $183k/unit. Once all units are rented for market, the property will operate at a 10.05% cap rate and 6.96 GRM. 1850 Williams St is comprised of (31) 1Bed+1Bath units - some units have gone through light renovations as they've turned over. There is a common space room, as well as outdoor areas for grilling and socializing. The property is very well parked and protected by a gated electric fence. 1850 Williams St is located in the heart of Simi Valley - just minutes away from restaurants, retail and supermarkets. This deal is perfect for investors looking for value-add, pride of ownership assets in a good neighborhood.
We are pleased to present the Westgate Apartments, a pride of ownership 31-unit asset in the highly desirable market of Simi Valley. The property is currently being operated as a senior apartment building, but all covenants have expired and a new owner may choose to operate it with traditional tenants moving forward. The subject property has nearly 75% upside available in scheduled gross income, offering an ideal value-add opportunity. The property currently collects ~$36k/month in rental income and is offered at only $183k/unit. Once all units are rented for market, the property will operate at a 10.05% cap rate and 6.96 GRM. 1850 Williams St is comprised of (31) 1Bed+1Bath units - some units have gone through light renovations as they've turned over. There is a common space room, as well as outdoor areas for grilling and socializing. The property is very well parked and protected by a gated electric fence. 1850 Williams St is located in the heart of Simi Valley - just minutes away from restaurants, retail and supermarkets. This deal is perfect for investors looking for value-add, pride of ownership assets in a good neighborhood.
Location
State CA
County Ventura
Area 699 - Not Defined
Zoning RVH-34.8
Interior
Fireplace No
Laundry Common Area
Exterior
Present Use Multi-Family
Building
Lot Description 0-1 Unit/Acre, Corner Lot
Story 2
Water Public
Others
Tax ID 6320020555
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc. • 310-259-7556