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Available For Sale - Multifamily

3,428 SF | Show Pricing $

AVAILABILITY DETAILS

Size
3,428 SF
Price/SF
Show Pricing $
Listing ID
SA526305
Notes
Fully Remodeled 100% occupied 4 Unit Multi-Family Apartment complex on ±0.11 Acres of land. Property consists of one single story building with (4) separately-metered units that totals ±3,428 SF. All (4) units have been fully remodeled, & include fenced patios and private entrances, separately metered for gas/electricity, and has access to on-site laundry. Unit #A of ±1,000 SF (2bed/1Bath) is currently used as an AirBnB with Payouts of Sept to Dec '22: $4,466.99 and 2023 YTD: $3,856 = $8,322.99. Unit #B of ±1,228 SF is a 3Bed/2Bath recently leased for 1-year (available 10/1), Unit #C of ±700 SF is a 1Bed/1Bath & Unit #D of ±500 SF is 1Bed/1Bath - both signed a 1-year lease. The units are spacious, there is on-site parking and exterior lighting throughout the complex. Low cost County sewer/water services in place. The property is within a few miles from restaurants, shops, & North Fork Willow Creek.



The value-add opportunity consists of addressing the under-market rent Unit 1 by renting it to a long-term tenant or increasing the short term rental dates, and extending lease lengths over the next 6 months where increases are put into place. Value-add opportunity with actual rents of $62,322.99/year collected plus upside potential. After addressing the slightly under-market rents, the realistic stabilized gross annual income is $$81,000. 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 9.48% CAP rate, and a 1.7% DCR and a 12.97 cash-on-cash return even at today’s rates!
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