Offer Price:

$12,600,000

Cap Rate:

5.36%

Price/SF:

$382.47

Price/Unit:

$262,500

Gross Building Area:

32,944 SF

Lot Size:

50,081 SF

Status:

Active

Submarket:

East County

Property Type:

Apartments

Strategy:

Core

The Bove Group at Marcus & Millichap is pleased to present Lanai Village located at 8914-8926 Delrose Ave, Spring Valley, California. Constructed in 1965, the property consists of 48 units and has undergone recent renovations and upgrades including new solid wood cabinets, granite countertops, tubs and shower surrounds, shower doors, vanities and sinks, tile flooring, wall heaters, ac units, and kitchen appliances. The building mix is comprised of twenty-six (26) one bedroom one bath units and twenty-two (22) two bedroom two bath units. The building has a total of 32,944 square feet and the building sets on a 50,081 sqft parcel.

The Lanai Village units have been upgraded with new paint, appliances, fixtures, as well as recent electrical and plumbing upgrades. The property has a centrally located courtyard and pool, gated entry, two on-site laundry facilities and ample off-street parking.

Spring Valley is known for its diversity, above-average schools, gorgeous views, and centralized location

Listed By:

Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 373-3237