Multi-Family Space For Lease @ 1178 Beverly Dr

100% occupied 6 Unit Multi-Family Apartment units on ±0.25 Acres of land. Property consists of one single story building with (6) units that totals ±5,338 SF. All (6) units are 2 Bed/1 Bath consisting of ±889 SF, separately metered for gas/electricity, and has access to on-site laundry. Each lease term is typically 1-year, noting tenants to pay their own utility & hot water, separate gas & electric meter. The apartments are located in a very strong rental market with adjascent properties renting at $1500 - $1600/month/unit for similar product. The immediate neighborhood is quiet and primarily single family residential. There is the Elementary, Middle School and High School within a few miles of the property. The units are spacious, there is on-site parking and exterior lighting throughout the complex. The property is within a few miles from convenient shopping and many national tenants like Dutch Bros Coffee, Save Mart, Dollar Tree, Jack in the Box, Walgreens and many more!

The value-add opportunity consists of addressing the under-market rent of the (6) tenants, extending lease length over the next 6-12 months. Value-add opportunity with actual rents of $59,040/year collected plus upside potential. After addressing the under-market rents, the realistic 6-12 month stabilized gross annual income is $109,800 (85% upside). Unique investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of units. Once stabilized, the deal offers a 9.04% CAP rate, 15.62% cash-on-cash return when leveraged with 30% down, which produces a 2.37 Debt Coverage Ratio! This space offers accomodations for: lowrisegarden.