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400 Palm Drive - Desert Breeze Villas, Blythe, CA

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400 Palm Drive - Desert Breeze Villas

Blythe, CA 92225 - Outer Riverside County MF Submarket

Property Type:Multi-Family Number of Units:70 Status:Existing Year Built:1992
Stories:2 Building Size:66,280 SF Land Area:9.24 AC (402,494 SF)
For Sale Price:$3,300,000 Price/Unit:$47,142.86 Cap Rate:8.00 % GRM:6.83


Sale Notes:
Garden Apartment Complex sitting on over 9 acres of land, Recently acquired foreclosure may need some clean up , 70 units total plus rental office , 36 are 3Br 1.5 Bath appx 1025 SF 34 units are 2Br 1Bath appx 804 SF, Currently 41 units are rented to low income housing generating appx $22,000 per month income , 29 units are vacant ( 9x3br -20x2br) in need of rehab that can generate an additional $18,500 per month income for a total projected annual income of $486,000.
upside on rent when low income tenants move out units can be rented at market rate, each unit has own private laundry hookups .
With an estimated 45% Expense ratio the projected cap rate would be 8%.
ALL INCOME AND EXPENSES ARE ESTIMATED,since subject was just acquired . Please contact Sam with more info, there is no marketing package available at this time

Century Realty Group
Sam Ostayan
(818) 789-7271

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