1850 Williams Street

Simi Valley, CA 93065

  • 0 Bed(s)
  • 0 Bath(s)
  • 15,869 Sqft
  • 36982
    Sqft(Lot)
$5,700,000

Description

*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 Type

    Residential Income

  • County

    Ventura

  • Style

    Residential Income

  • AD ID

    48985368

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Property Details

  • Water/Sewer

    • Water Source : Public
    • Sewer : Public Sewer

  • Building Information

    • Year Built: 1989
    • Building Area Total: 15,869

    Pool Features

    • None

    Laundry Features

    • Common Area

  • Lot Details

    • Lot Dimensions Source: Vendor Enhanced
    • Lot Size Acres: 0.849
    • Lot Size Source: Assessor
    • Lot Size Square Feet: 36982

  • Listing Price Information

    • Original List Price: 5,700,000
    • Listing Contract Date: 2025-03-11

    Lease Information

    • Listing Agreement: Exclusive Right To Sell

  • Tax Information

    • Parcel Number: 6320020555

  • Garage and Parking

    • Garage Description: Carport

    Homeowners Association

    Rental Info

    • Lease Term: Negotiable
    • Tenant Pays: Electricity,Gas

  • Other Property Info

    • Source Listing Status: Active
    • Source Neighborhood: 699 - Not Defined
    • Directions: West of the 118 Freeway. Major cross streets are E Los Angeles Ave and First Street
    • Zoning: RVH-34.8
    • Source Property Type: Residential Income
    • Area: 699 - Not Defined
    • Property SubType: Apartment

    Building and Construction

    • Property Age: 36
    • Common Walls: 2+ Common Walls
    • Structure Type: Apartment
    • Year Built Source: Assessor
    • Entry Level: 1
    • Property Attached: Yes
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BuyOwner last updated this listing 04/17/2025 @ 20:26

  • MLS: SB25054169
  • LISTING PROVIDED COURTESY OF: ,
  • SOURCE: CRMLS

is a Home, with 0 bedrooms which is for sale, it has 15,869 sqft, 36,982 sized lot, and 0 parking. are nearby neighborhoods.