Multi-Family Space For Lease @ 35800 Ca-190

118 Unit Multi-Family Apartment units on ±35.574 Acres of land + 5 Acres (Wastewater Treatment Plant) in Springville, CA. Property consists of 14 Buildings including five large apartment type buildings with multiple units, two duplex buildings, one single-tenant house, an administrative office and medical clinic building, a library building, a community building, a memorial building, a café style snack shop building, a small motel and several smaller storage and utility buildings totaling ±106,429 SF. Th property has (71) Studio ±356 SF units, (41) 1 Bed/1 Bath ±563 SF units, (3) 2 Bed/1 Bath ±943 SF units. (2) 3 Bed/1 Bath ±1,325 units, (1) 4 Bed/1 Bath ±1,500 SF unit and (1) Manager house consisting of 4 Beds/2 Bath ±1,500 SF. All units have a kitchen, draperies, carpet, and vinyl tile flooring, individually controlled heating and cooling, access to on-site laundry, emergency call buttons and telephone and cable television connections. All but approximately 6 units are handicap accessible through the use of ramps or elevators. Each lease term is typically MTM, noting tenants to pay their own utility & hot water, separate electric meter. Upcoming upgrades include an updated Fire Alarm Control Panel & 2 Water Heaters for the Oak Building. In addition to the apartment units there are (2) commercial buildings on the property and each unit consist of ±2,393 SF. One operates as a library and the other office building is a Medical Clinic. The landscaped grounds and lawn are irrigated by a sprinkler system that receives water from a local ditch company. Sequoia Dawn owns ditch shares and water cost for irrigation is very reasonable. The apartments are located in the center of Springville, CA with the Tulare County Satellite library situated directly on the property. There is the Elementary, Middle School and High School within a few miles of the property. The units are spacious, ample parking and exterior lighting throughout the complex.

The value-add opportunity consists of addressing the under-market rent of (15) tenants by very minimal amounts, extending lease length over the next 6-12 months, and leasing the remaining (55) units totaling 46.6% of the property. Value-add opportunity with actual rents of $468,060/year collected plus upside potential. After addressing the vacancies alone, the annual income is $905,436 (93.4% 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 14.02% Cap rate, 31.97% cash-on-cash return when leveraged with 30% down, which produces a 3.16 Debt Coverage Ratio!

BONUS Land: The current structures are positioned in the rear of the property, accessed via a long paved driveway that approaches into a circular fashion. Adjacent to the driveway and between structures offer various vacant land sections (including approach) ideal for future development. While the land could duplicate the existing structures, it may have potential for an even larger development. With the land thrown in "for free", the cash-flow/Cap Rate has significant value added growth potential by developing this section. This space offers accomodations for: lowrisegarden.