1850 Williams Street
Simi Valley, CA, 93065
$5,700,000
Beds
0 Baths
SqFt
0.85 Acres
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*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 55+ community, but all covenants have expired and a new owner may choose to operate it with traditional tenants moving forward. The current 31 units on site are operating 88% below market rate. The property is also eligible for SB1211 allowing 8 detached ADU’s on the property and 1 attached ADU for a total of 9 new 2 bed + 2 bath units, which would increase the gross income upside 167%. It is very rare to find a 1980’s vintage asset at only $183k/unit. With the current in place rents the cap rate increases to a 8.1% after factoring in 1M in build costs for the 9 ADU’s. Once all units are rented at market and ADU’s are built, assuming a cost to renovate and build of $2.1; the property will operate at 10.56% cap rate and a 7 GRM. The property is fixed with common area amenities including a rec room as well as outdoor areas for grilling and socializing. 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.

Property Details

Price:
$5,700,000
MLS #:
SB25054169
Status:
Active
Baths:
0
Address:
1850 Williams Street
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
699notdefined
City:
Simi Valley
Listed Date:
Mar 11, 2025
State:
CA
ZIP:
93065
Lot Size:
36,982 sqft / 0.85 acres (approx)
Year Built:
1989
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0-1 Unit/ Acre, Corner Lot
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2
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1850 Williams Street
Simi Valley, CA