Description
This four-unit property is a well-maintained 3bd/2ba front SINGLE FAMLY HOME and three 1bd/1ba units at the rear of the property all with long-term tenants. This deal offers the opportunity for an investor to achieve an approximate 5.5% Cap Rate after stabilizing the rents and additional interior renovations at the time of vacancies. No rental increase has occurred in the last 12 months allowing a new owner to come in and increase rents up to 10% to boost NOI. The current rents are well under market for the area, allowing an investor to capture approximately 50% in rental upside with annual rental increases (AB1482: 5% + CPI) and some additional interior renovations. Many Property Improvements have been done recently. They include: New Roof on front house (2021); Water Heater Replaced in front house (2021); Laundry room repainted (2020); Both front and rear units painted (exterior) - 2019 (approx); New flooring in Apartment A (2017); Main drain pipe replaced (2017); New roof installed on Apartments (2011). All refrigerators are Tenant Owned; Stoves & Washers/Dryers are included in the sale. Buyer to participate with Seller's 1031 Exchange with no cost to Buyer. Inside with ACCEPTED OFFER ONLY - DO NOT DISTURB TENANTS. Drive by only.
Location
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Listing Agent: Pamela Brown Courtesy of: Berkshire Hathaway HomeServices California The real estate listing information is provided by California Regional MLS, Inc. and/or CARETS® for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing or leasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of the California Regional MLS, Inc. and/or CARETS®. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns the web site. Information is deemed reliable but not guaranteed, and consumer is responsible for verifying the accuracy of all information. Copyright © California Regional MLS, Inc. and/or CARETS®. All Rights Reserved. Updated: 21st March, 2023 10:10 AM (UTC)
