Property Details
About this Property
*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 neighborhoo
MLS Listing Information
MLS #
CRSB25054169
MLS Source
California Regional MLS
Interior Features
Laundry
Community Facility
Parking, School, and Other Information
Garage/Parking
Carport, Garage: 0 Car(s)
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 1 | 31 | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
1850 Williams St is a Residential Income in Simi Valley, CA 93065. This – square foot property sits on a 36,982 Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $5,700,000 and was built in 1989. This address can also be written as 1850 Williams St, Simi Valley, CA 93065.
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This listing information is up-to-date as of September 30, 2025. For the most current information, please contact Cameron Samimi
