4224 Mary Ave - Apartments FOR SALE


Olivehurst, CA 95961
$2,175,000 USD
858-922-4181
4224 Mary Ave, Olivehurst, CA for Sale
$2,175,000 USD
Apartments - FOR SALE
1/20
null | 6.6% Cap Rate

4224 Mary Ave
Olivehurst, CA 95961


HIGHLIGHTS

  • (15) Detached Two-Bedroom Cottages With Current Average Rents of $1,336.
  • 12 of 15 Units Renovated; New Leases Are Being Signed at $1,400.
  • Spacious Floor Plans Equipped With Washer/Dryer Hook-Ups and Front/Back Yards.
  • Significant Property Improvements, Including: Dual Pane Windows, 10/15 Roofs, New Electrical Paneling and New Gas Lines.
  • 6.60% Day One CAP Rate.

OVERVIEW

ALIVE Commercial Real Estate is pleased to exclusively present 4224-4236 Mary Avenue, a well-maintained, 15-unit multifamily community located in Olivehurst, CA. Situated on 1.45 acres, the property is comprised of (15) two-bedroom one-bathroom detached cottages equipped with washer/dryer hook-ups and front/back yards, ideal for a small family who is priced out of the single family home purchase market. Over the last five years, current ownership has reinvested significantly into interior and exterior improvements, enhancing the overall tenant demographic and leaving a turn-key operation to the next owner. New leases have been signed at $1,400 with little push-back from the market, paving a clear path to renovate the remaining three unrenovated units and achieve a stabilized CAP rate above 7.00%.

FOR SALE DETAILS

PRICE

$2,175,000 USD

PRICE/SF

$181 USD /SF

# OF UNITS

15

PRICE/UNIT

$145,000

CAP RATE

6.6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mary Cottages

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1940

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.54 AC

LAND SF

67,022 SF

ZONING

-

APN/PARCEL ID

014-141-031-000

ASK ABOUT THIS PROPERTY

Spencer MoyerALIVE Commercial Real EstateMore Info
858-922-4181

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Spencer MoyerALIVE Commercial Real EstateMore Info
858-922-4181

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