FeaturedListingsrental property February 10, 2019

Investment opportunity brings 9% cap rate – 10 unit residential income property for $449,000

The town of Springville is located just 200 miles north of Los Angeles, near the Sequoia National Park and Forest, between Bakersfield and Fresno, in the county of Tulare, near the growing city of Visalia, the county seat of Tulare.

In the town of Springville, I have an exciting new listing to share with you – a 10 unit residential income property sitting on 24,000 SF lot, consisting of 8 buildings, all cottage-like properties, mostly single family with no shared walls, and a couple that are duplex buildings with 2 units each.

This collection of homes bring in $65,000 in gross scheduled income. The estimated expenses including insurance, property tax, utilities, and maintenance is $24,000 a year, or $2000/month. This gives a net income of approximately $41,000 a year.

This cash flowing property with strong occupancy (currently 8 out of 10 units are rented out) will be a strong addition to an investor’s portfolio. Priced at $449,000, this is an attractive asset that has a lot of potential. The new owner can continue to operate it as a long term rental property, or with some capital improvements, it could become a vacation destination as an AirBnB!

Details:

4 units are studios

5 units are one bedroom one bath

1 unit is 3 bedroom one bath

There are 10 water connections

The property is connected to city water and sewer

There is parking on site

Lot size is over 24,000 SF

8 units are occupied currently, 2 are vacant

All units are in fair condition

Units have wall heaters and some have wall AC

The address is 35783 Highway 190, Springville 93265 and this property is listed on the MLS.

Please call or email me for more information or to submit an offer for an opportunity to view it!