1850 Williams Street, Simi Valley, CA 93065

Local realty services provided by:ERA North Orange County Real Estate
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1850 Williams Street,Simi Valley, CA 93065
$5,700,000
  • 1 Beds
  • 1 Baths
  • - sq. ft.
  • Multi-family
  • Active
Listed by:cameron samimi
Office:lyon stahl investment real estate, inc.
MLS#:SB25054169
Source:SANDICOR

Price summary

  • Price:$5,700,000

About this home

*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

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Home facts

  • Listing Id #:SB25054169
  • Added:157 day(s) ago
  • Updated:August 17, 2025 at 01:46 PM

Rooms and interior

  • Bedrooms:1
  • Total bathrooms:1

Finances and disclosures

  • Price:$5,700,000
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