Description
Cash cow with huge upside. Current AS-IS cap rate 5.7%! Property recently undergone extensive remodel, including updated kitchen, bathrooms, floors, hardware, light fixtures, electrical, plumbing, driveways and walkways, and more. Each unit has front and back door access, in-unit laundry hookup, and separate living and bedroom areas (except the studio). Large lot with expansive parking area with repaved concrete, and 6 garage spaces split into 2 X three covered car garages, and room for 2 uncovered spaces. Garages are perfect for ADU conversion. Two billboards are property that can be leased, adding significant income. Small billboard has an offer to lease at $750/mo that is not included in current revenue, and will be leased once lighting is fixed (before close of escrow). Large billboards receives extremely low rent ($200/mo) and could be personally leased at $3k-$4k/mo/side by cutting out the middleman, potentially adding another $6k-$8k per month in revenue (lease expires May '25). Rent roll available upon request. Garage fees included in rent shown ($100/space/mo). Buyer to perform their own due diligence. Property sold as-is, where-is.
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7BEDS
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0.22ACRES
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0BATHS
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01/2 BATHS
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3,474SQFT
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$646$/SQFT
School Ratings & Info
Description
Cash cow with huge upside. Current AS-IS cap rate 5.7%! Property recently undergone extensive remodel, including updated kitchen, bathrooms, floors, hardware, light fixtures, electrical, plumbing, driveways and walkways, and more. Each unit has front and back door access, in-unit laundry hookup, and separate living and bedroom areas (except the studio). Large lot with expansive parking area with repaved concrete, and 6 garage spaces split into 2 X three covered car garages, and room for 2 uncovered spaces. Garages are perfect for ADU conversion. Two billboards are property that can be leased, adding significant income. Small billboard has an offer to lease at $750/mo that is not included in current revenue, and will be leased once lighting is fixed (before close of escrow). Large billboards receives extremely low rent ($200/mo) and could be personally leased at $3k-$4k/mo/side by cutting out the middleman, potentially adding another $6k-$8k per month in revenue (lease expires May '25). Rent roll available upon request. Garage fees included in rent shown ($100/space/mo). Buyer to perform their own due diligence. Property sold as-is, where-is.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-09-22T13:35:38.167. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Zia Group | eXp Realty. Licensed in the State of California, USA.