High Cap Rate Southern California Apartments

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Address: 331 S Main Ave, Fallbrook, CA 92028, USA

California & West + Apartment Buildings

Created date: May 3, 2024

Date last updated: May 3, 2024

High Cap Rate
New Roofs, Windows, Paint, & Siding
New Cabinets, Counter Tops, Flooring, Sinks, & Vanities
Turn Key Investment
New Fencing, Artificial Turf, & Drought Tolerant Landscaping
Strong Cash Flow

Property Description

331 S Main Ave is an apartment complex located in the heart of Fallbrook. The property consists of 5 permitted units and three additional bootlegs, for a total of 8 rentals. There are 5 two-bedroom and one-bath units, 2 studios, and 1 one-bedroom one bath unit. In 2023, the units were significantly renovated inside and out. For the exterior, the ownership put on new roofs, siding, dual pane windows, fencing, paint, artificial turf, and drought-tolerant landscaping. Interior there are new kitchen cabinets, counter tops, flooring, paint, sinks, and vanities. Based on in place income of approx. $14,000 a month this turn-key investment offers it all, cash flow without any heavy repositioning

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Available

Due Digilence Documents

Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$1,650,000
No. of Units:	5
Cap Rate:	6.68%
GRM /GIM:	9.8
Average Occupancy:	96
Year Built:	1920
Year Renovated:	2020
Building Size:	2,633 Sq ft
Lot Size:	8,798.00 Sq ft
APN:	104-052-14-00
Buy Side Fee:	2%
Opportunity Zone:	No
Price per unit:	$330,000

Address: 331 S Main Ave, Fallbrook, CA 92028, USA

Unit mix

Description	No. of Units	Sq ft.	Avg. Monthly Rent

FINANCIAL DETAILS

Income/expense info:	Actual
Financial year:	2024
Gross income:	168000
Effective Gross income:	162960
Operating expenses:	52792
Net operating income:	110168
Pre-tax cashflow:	65415