133 West I Street
- Prime Investment Opportunity: Well-established 16-unit complex in the growing community of Los Banos, a highly constrained rental market with a robust tenant base
- Spacious Two-Bedroom Units: All units are designed for comfort, featuring generous layouts that cater to a diverse range of tenants.
- Extensive Renovations: Recent upgrades include major dry rot repairs, new roof, new asphalt at both entries, and comprehensive cosmetic enhancements across all buildings.
- Structural Integrity Improvements: Engineered upgrades to decks and roof overhangs, along with new wrought railings, ensure safety and compliance with current codes.
- Enhanced Security Features: Equipped with monitoring security cameras and high-efficiency exterior LED lighting for added tenant safety.
- Ample Parking and Accessibility: Recently sealed and striped parking areas, along with extensive roof repairs on carports, provide convenience for residents.
Property Description
First Commercial is excited to present the Las Palmas at 133, a well-established 16-unit complex nestled in the burgeoning agricultural community of Los Banos, California. This property boasts a desirable mix of spacious two-bedroom units spread across four buildings, situated on approximately half an acre of land. Recently, the property has undergone extensive renovations, enhancing both its structural integrity and aesthetic appeal. Significant improvements include comprehensive dry rot repairs, new roof, and stucco enhancements across all buildings. Structural upgrades to decks and roof overhangs have been completed, adhering to engineers’ recommendations. Modern wrought railings have been installed to meet current safety codes, alongside upgraded security measures, including monitoring cameras and high-efficiency exterior LED lighting. Additional updates encompass extensive roof repairs on all carports and fresh paint for all structures.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,700,000 |
| No. of Units: | 16 |
| Cap Rate: | 6.89% |
| GRM /GIM: | 12.45 |
| Average Occupancy: | 7.62 |
| Year Built: | 1963 |
| Year Renovated: | 2021 |
| Building Size: | 26,400 Sq ft |
| Lot Size: | 0.58 Acres |
| No. of Stories: | 2 |
| APN: | 027-072-005, 027-072-003 |
| Zoning Code: | R-3 |
| Opportunity Zone: | No |
| Price per unit: | $168,750 |
| Property Website | Click Here |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| 2 BD / 1 BA | 32 | 825 | 1546 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Financial year: | 2025 |
| Gross income: | 612261 |
| Effective Gross income: | 612261 |
| Operating expenses: | 212758 |
| Net operating income: | 399503 |
| Pre-tax cashflow: | 399503 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| colton toste | 2097520296 | [email protected] |
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