|The Corby Avenue Apartments are two four-unit apartment buildings located at 14505 and 14507 Corby Ave. in the City of Norwalk. The property offers an attractive unit mix comprised of one and two-bedroom units. The property was acquired by the owner (a non-profit housing corporation) and has been an affordable rental complex with a rent-restriction covenant in place since acquisition. The owner received acquisition assistance from the city of Norwalk in the form of HOME funds. Upon the close of escrow, the city funds will be returned and the rent restriction covenant will no longer be in place. This will allow a new owner to gradually raise the existing rents; and as the complex experiences turnover, bring the rents to the full market value. As a result, the new owner may be able to obtain significant upside from the current rents and appreciation. The owner would prefer to sell both buildings simultaneously, however, will consider individual sales.
Listing courtesy of Ralph Castaneda of Keystone Properties
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Property Type: Multifamily
Building Size: 5,722 Sq. Ft.
Lot Size: 11,330 Sq. Ft.
Cap Rate: 1.86%
Address: 14505-14507 Corby Ave.
Year Built: 1962
Price Per Unit: $262,500