Tonekai Road Apartments

Le Investment Group is proud to present a six-unit multifamily investment opportunity at 15510 Tonekai Road in Apple Valley. Built in 1958, the property is a single-story residential building of approximately 4,502 rentable square feet on approximately 0.39 acres. The unit mix includes two one-bedroom/one-bath units averaging about 665 square feet and four two-bedroom/one-bath units averaging about 793 square feet. Current scheduled rental income is approximately $102,000 annually, compared with approximately $110,400 at analyzed market rents, which leaves room to grow revenue. At the listed $960,000 purchase price, the property offers a 6.50% current CAP rate and a 7.23% pro forma CAP rate. Apple Valley is an established residential and commercial center within the High Desert, near a diverse employment base spanning healthcare, education, government, logistics, manufacturing and aerospace, anchored by the Southern California Logistics Airport. That makes this a strong chance to own workforce housing in the growing Victor Valley market.