Price per square foot is $406. Super low.
will probably sell for more unless the internals are in extremely bad shape (which could be since there’s only exterior pictures). a 2br in that area will rent in the low 3,000s
Is there value in buying these old multiplexes? The wood shingles on the exterior walls look terrible.
Interesting–I like it. Better than stucco.
If you have the time to invest and turn it around. It will cash flow at 5 or 6 cap rate when you are done.
A good one to keep an eye on. I like the location…close to downtown but rough enough around the edges that you won’t pay a steep premium.
You guys are not worried about rent control?
I’d be worried if it were North Fair Oaks… and to be honest, RWC’s council never does what the people want…
RWC has what i would call loose rent control in place (Ordinance 2449 and 2450). Required you to offer tenant 1 year lease at renewal (or term the lease), you could negotiate a shorter lease with written permission from tenant. It does not control rent increases tho’. I think it’s really dumb. I used to let all my leases go month to month after the lease ended which my tenants really liked. This requirement to offer a 1 year lease is asinine.
5 units at $3k each $15k gross. Looks like a great deal.
I bet then rents are much lower.
yah. I think the listing info is wrong or something. I suspect it’s 4 1/1 and 1 2/1 which is a common layout for MFH in that area
It says 4 units with gross income of $101K under property details:
of Units in Complex (Minimum): 4
Annual Rental Income: $101,216
Annual Gross Income: $101,641
Gross Rent Multiplier: 19.92
Gross Scheduled Income: $101,641
Other Income: $425
Other Expenses: $9,548
Total Expenses: $52,959
Unit Type 1 Information
of Bedrooms: 2
Approx Sq. Ft.: 720
Is this to limit rent increases to once per year (so tenants at least know what to expect)? That is how it works for my SFH rental.
At nearly 5,000 sqft, those would be massive 1/1s. I suspect it’s underpriced and/or the units are junk. $1,750 is just really low for a 2/1 unless there are significant issues.
It probably includes carport/garage sq ft in that space. Noticed that issue with many SMC listings
This property triggered my interest and had my realtor reach out to the listing agent.
Property is: 5 units 2b-1
Attached income and expenses.
Given the low rents , the broker I know wouldn’t lend on it , unless the buyer has 900k cash plus reserves.
Looks like a poorly managed tired building. Needs total evictions and probably $500 k in work to get to market price rents. Offer $1m
Rent is low, and landlord pays for utilities, trash and water? A lot of room to get more income.
Possibly 3600 sf, 5 units, 2/1, 720 Sf per unit. Garage space is about 280sf per unit.
Rent is $1750 per unit now. How much can you rent after fixing up for 750sf 2/1?
How much are you willing to pay for this soon to be rent controlled low rent, poorly maintained 5 unit commercial property? Statewide rent control may be effective soon.