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!
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