133 W I St - Apartments FOR SALE


Los Banos, CA 93635
$5,795,000 USD
209-461-6400
133 W I St, Los Banos, CA for Sale
$5,795,000 USD
Apartments - FOR SALE
1/14
null | 6.89% Cap Rate

133 W I St
Los Banos, CA 93635


HIGHLIGHTS

  • Prime Investment Opportunity: Well-established 32-unit complex in a highly constrained rental market with a robust tenant base.
  • Spacious Two-Bedroom Units: All units are designed for comfort, featuring generous layouts that cater to a diverse range of tenants.
  • Extensive Renovations: Recent upgrades include major dry rot repairs, new roof, new asphalt at both entries, and comprehensive cosmetic enhancements.
  • Structural Integrity Improvements: Engineered upgrades to decks and roof overhangs, along with new wrought railings, ensure safety and compliance.
  • Plug and Play Asset: Excellent In-Place Income and very well Maintained.

OVERVIEW

First Commercial is excited to present the Las Palmas Apartments at 133 & 233 W I Street, Los Banos. Las Palmas is a well-established 32-unit complex nestled in the burgeoning agricultural community of Los Banos, California. This property boasts a desirable mix of spacious two-bedroom units spread across eight buildings, situated on over an acre of land across two parcels. Recently, the property has undergone extensive renovations, enhancing both its structural integrity and aesthetic appeal. Significant improvements include comprehensive dry rot repairs, new roof, and stucco enhancements across all buildings. Structural upgrades to decks and roof overhangs have been completed, adhering to engineers’ recommendations. Modern wrought railings have been installed to meet current safety codes, alongside upgraded security measures, including monitoring cameras and high-efficiency exterior LED lighting. Additional updates encompass extensive roof repairs on all carports, fresh paint for all structures, and the conversion of a storage unit into a fully functional, conditioned office with a bathroom, ensuring a welcoming environment for residents and management alike.

FOR SALE DETAILS

PRICE

$5,795,000 USD

PRICE/SF

$112 USD /SF

# OF UNITS

32

PRICE/UNIT

$181,094

CAP RATE

6.89%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Las Palmas

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.3 AC

LAND SF

56,628 SF

ZONING

R-2

APN/PARCEL ID

027-072-003,027-072-005

ASK ABOUT THIS PROPERTY

Colton TosteFirst Commercial Real EstateMore Info
209-461-6400

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Colton TosteFirst Commercial Real EstateMore Info
209-461-6400

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.