505 11th Street , 1-5

    San Miguel, CA 93451
    • $885,000 - $895,000
    • STATUS: Pending
    • ON SITE: 13 days
    • ID#: SP18267062
    Pending
    UPDATED: 44 min ago
    $885,000 - $895,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,650
      SQFT
    • $192
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    2008
    County:

    School Ratings & Info

    Description

    Prime 5-unit Property in the up and coming area of San Miguel. Priced at $179,000 per unit, and $192 per SqFt this is one of the best deals in San Luis Obispo County. This is a turnkey property, shows like new, with additional upside readily available with needed rent increases, rents are approx 25% below market based on nearby rent comps. The complex is of very good construction and there is ample parking. Built in 2008, the property consists of an excellent unit mix, two 2-bedroom/2-bath and three 1-bedroom/1-bathroom units. All units have inside stackable washing machines and dryers. T Currently offered at a 4.6% Cap utilizing the current rent roll, the property should be able to be brought up close to a 7%-cap with market rents based on nearby apartment rents. Many of the tenants have been there long term and love living there.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-20T14:32:03.643. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.fredsedgroup.com/homes/89189965

    505 11th Street , 1-5 San Miguel, CA 93451

    • Price: $885,000 - $895,000
    • Status: Pending
    • Updated: 44 min ago
    • ID#: SP18267062
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    4,650
    SQFT
    $192
    $/SQFT
    2008
    Built
    Neighborhood:
    Smig - San Miguel
    County:
    San Luis Obispo
    Area:
    Smig - San Miguel
    Property Description
    Prime 5-unit Property in the up and coming area of San Miguel. Priced at $179,000 per unit, and $192 per SqFt this is one of the best deals in San Luis Obispo County. This is a turnkey property, shows like new, with additional upside readily available with needed rent increases, rents are approx 25% below market based on nearby rent comps. The complex is of very good construction and there is ample parking. Built in 2008, the property consists of an excellent unit mix, two 2-bedroom/2-bath and three 1-bedroom/1-bathroom units. All units have inside stackable washing machines and dryers. T Currently offered at a 4.6% Cap utilizing the current rent roll, the property should be able to be brought up close to a 7%-cap with market rents based on nearby apartment rents. Many of the tenants have been there long term and love living there.
    Exterior Features

    Garage Spaces 0.00 Lot Features 26-30 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 10.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area 817 Average1 Bed Area Units Square Feet Average2 Bed Area 1100 Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 1 Common Wall Laundry Features In ClosetStackable Levels Two

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 4.60 Community Features CurbsRuralSidewalksStreet Lighting Country Us Elevation Units Feet Fuel Expense 0.00 Gardener Expense 795.00 Gross Income 65880.00 Gross Multiplier 13.58 Gross Scheduled Income 65880.00 Insurance Expense 1288.00 Land Lease YN No Laundry YN Yes Maintenance Expense 3628.00 Net Operating Income 41167.00 New Construction YN No New Taxes Expense 9350.00 Number Of Separate Electric Meters 5 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 1 Number Of Units Leased 5 Operating Expense 23918.00 Professional Management Expense 4610.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays Cable TvElectricity Total Actual Rent 5490.00 Total Expenses 24713.00 Trash Expense 1372.00 Water Sewer Expense 3670.00 Water Source Public Zoning Rmf

    Listing provided courtesy of Kevin King of King Properties.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-20T14:32:03.643. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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    4010 Barranca Pkwy Suite 100
    Irvine CA, 92604