Residential Income Details
Highlights; Competitive Offering Actual CAP Rate of 5.84 %, with a ProForma CAP Rate of 6.57 %, Offering Actual GRM of 10.49, with a ProForma GRM of 9.68 / Rental Comparables Illustrate a 98 % Occupancy Area. Rental Survey Completed 03/05/2018., $1,000,000 In Recent Property Improvements and Renovations Under Current Ownership. 60% of the Units Have Been Completely Renovated., Conservative 10% Upside in Potential Rental Income. Achieved through continued implementation of Government approved and funded programs., Currently only 30% of the Tenants are in Government funded program, allowing for future growth., 4 Units Have Fire Damage and Are Currently Under Complete Rehabilitation. Units to be Delivered per Seller in 100% Rent Ready Condition. The Mountain view manor apartments are located on a sprawling 3.31 acre lot. The property is composed of 10+ buildings, outbuildings, and cover parking structures for all units. This 68 unit apartment community possesses an attractive unit mix of 35 one bedroom / one bathroom units, 1 one bedroom / one and a half bathroom unit and 32 two bedroom / one bathroom units. Over 60% of the units have been completely renovated. Recent property improvements by current ownership exceed $1,000,000 and have been outlined below.
Capital Improvements & Renovations:
New Interior Paint
New Flooring in units
New Kitchen Cabinets & Countertops
New Bathroom Cabinets
Exterior Paint and Fascia Improvements
|Number of Units||68|
|Listing Brokerage||LE INVESTMENT GROUP|
|Listing Agent||ALBERT LE|
|Listing Agent BRE #||01468313|
Based on information from California Regional Multiple Listing Service, Inc. as of Thursday, July 26, 2018.
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