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Available For Sale - Multifamily

5,832 SF | Show Pricing $

AVAILABILITY DETAILS

Size
5,832 SF
Price/SF
Show Pricing $
Listing ID
SA438290
Notes
100% occupied 8 Unit Multi-Family Apartment units on ±0.704 Acres of land. Property consists of Two Buildings with 1 story units that is a total of ±5,832 SF. Property has (5) 2 Bed/1 Bath ±835 SF units and (3) 1 Bed/1 Bath ±550 SF units. Each unit has been remodeled within the last 8-months, is separately metered for gas/electricity, and has access to nearby laundry. Complex just recieved Brand new 2020 HVAC's on each unit, as well as 2020 dual pane energy efficient windows. Each lease term is typically 1-year, noting tenants to pay their own utility & hot water, separate gas & electric meter. The apartments are located in a very strong rental market. The immediate neighborhood is quiet and primarily single family residential. There is the Elementary, Middle School and High School within a few miles of the property. The units are spacious, there is lighted secured parking and exterior lighting throughout the complex. The property is within a few miles from convenient shopping and many national tenants like McDonald's, Starbucks, IHOP, Panda Express, Taco Bell, Walgreens, Home Depot, Foods Co, Walmart and many more!



The value-add opportunity consists of addressing the under-market rent of the (7) MTM tenants by very minimal amounts, extending lease length over the next 6-12 months, and charging the customary"pass-through" expenses of Water, Sewer, Trash, and Gardening to eliminate these items from the Landlords ledger. Value-add opportunity with actual rents of $76,759.56/year collected plus upside potential. After addressing the under-market rents, the realistic 6-12 month stabilized gross annual income is $82,375.56 (8% upside). Unique investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of units. Once stabilized, the deal offers a 8.77% cash-on-cash return when leveraged with 30% down, which produces a 1.70 Debt Coverage Ratio!



BONUS Land: The current (2) structures are positioned in the rear of the property, accessed via a long paved driveway that approaches into a round-a-bout. Adjacent to the driveway offers an approximate 122' x 75' vacant land section (including approach) ideal for future development. While the land could duplicate 1 of the existing structures, it may have potential for an even larger development. With the land thrown in "for free", the cash-flow/Cap Rate has significant value added growth potential by developing this section.
Uses
Multifamily

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Jared Ennis, Central CA Commercial
BRE# 01945284