The subject property consists of four apartment buildings totaling 15,720 square feet, situated on a 26,474 square foot lot. There are a total of sixteen 2-bedroom and 1-bathroom units. The property has ample parking, with four 2-car parking garages and 24 additional surface parking spaces. Lease rates for the subject property are currently below market (based on the area) and the property is not subject to rent control laws, lending itself to the type of rehab contemplated by this project sponsor. The borrower plans to spend about $24,000 per unit upgrading the property.
Santa Clarita, California