1178 Beverly Dr
- Value Add Upscale 6 Unit Complex | Full 2023 Remodel
- Upside Potential: 6.33% CAP Rate & $120K In Rents
- 100% Occupied | Rent Ready | (6) 2 Bed/1 Bath
- Ample Private Parking On Site | On Site Laundry
- Easy Access On and Off HWY-198 & HWY-41
- Additional Side Parking and Plenty of Street Parking
- Long Term Tenants Secured on Leases
- Great Income History - Proven Track Record
- All Ground Floor Units w/ Rear Private Patios
- Well-Known Freestanding Office Building @ Corner Location
Property Description
Fully Remodeled 100% occupied 6 Unit Multi-Family Apartment complex on ±0.25 Acres of land. Property consists of one single story building with (6) separately-metered units that totals ±5,338 SF. All (6) units have been fully remodeled, include 2 Bed/1 Bath (±889 SF), fenced patios and private entrances, separately metered for gas/electricity, and has access to on-site laundry. Each lease term was initially 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 with adjacent properties renting at $1550 - $1650/month/unit for similar product. 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 on-site parking and exterior lighting throughout the complex. The property is within a few miles from convenient shopping and many national tenants like Dutch Bros Coffee, Save Mart, Dollar Tree, Jack in the Box, Walgreens and many more! The value-add opportunity consists of addressing the under-market rent of the (6) tenants, extending lease length over the next 6-12 months. Value-add opportunity with actual rents of $95,400/year collected plus upside potential. After addressing the slightly under-market rents, the realistic stabilized gross annual income is $120,600. 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 6.33% CAP rate.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,300,000 |
| No. of Units: | 6 |
| Average Occupancy: | 4.59 |
| Year Built: | 1976 |
| Lot Size: | 0.25 Acres |
| Opportunity Zone: | No |
| Price per unit: | $216,667 |
| Property Website | Click Here |
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