100% Occupied 4 Unit Multi-Family Apartment Units 1076102

Commercial Real estate listings near Fresno, CA, US | Quantumlisting
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Listing was updated on: 11/06/2022
Price: 625000.00
location icon 1476 N Cedar Ave, Fresno, CA 93703, USA
Multifamily for Sale
from June 28, 2022

LocationThis multi-family complex is located on Cedar Ave & Floradora Ave in Fresno, CA. Property is located North of Floradora Ave, South of McKinley Ave, West of CA-168 & East of Millbrook Ave.Sale100% occupied 4 Unit Multi-Family Apartment units on ±0.187 Acres. Property consists of one two story building with (4) units that totals ±3,640 SF. All (4) units are 2 Bed/1 Bath consisting of ±910 SF, separately metered for gas/electricity. Each lease term is typically 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 $1200 - $1300/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 McDonalds, Walgreens, Popeye's, Dutch Bros, Wendy's and many more!

The value-add opportunity consists of addressing the under-market rent of the (4) tenants, extending lease length over the next 6-12 months. Value-add opportunity with actual rents of $40,740/year collected plus upside potential. After addressing the under-market rents, the realistic 6-12 month stabilized gross annual income is $61,200. (50% upside). 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 7.11% CAP rate, 10.35% cash-on-cash return when leveraged with 30% down, which produces a 1.77 Debt Coverage Ratio!

The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.