Built in 1926, this 11-unit apartment property on a 12,196 sq ft parcel, contains unique stand-alone 425 square-foot, one-bedroom – one-bathroom “casitas” units that are separately metered for gas & electric. The property immediately stands out with its grass-groomed central courtyard surrounded by decorative perimeter fencing for tenant privacy and its feeling of community. The property has been meticulously maintained at least throughout the last decade as can be attested to by this listing agent who provided property management services during that period. The new roof was replaced in 2019 with a transferable 7-year labor and 30-year manufacturer’s warranty. The exterior of all 11 units was newly painted in 2022, and 5 unit water heaters were replaced over the last several years. These updates have contributed to the much younger effective age of this property than its chronological age. The subject property generates an average per-unit monthly rent of approximately $1,368, with 100% collection rate enjoyed by ownership consistently month after month. These rents would present an upside opportunity for any new buyer, as there is a significant “loss-to-lease” compared to the unit monthly market rent of $1,900. The next rent increase permissible under AB 1482 could occur the first of next year, thereby providing a new owner with the imminent opportunity to enhance the property’s cash flow and financial return.