$2,400,000
$2,592,500
7.4%For more information regarding the value of a property, please contact us for a free consultation.
16,700 SqFt
SOLD DATE : 11/12/2021
Key Details
Sold Price $2,400,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Square Footage 16,700 sqft
Price per Sqft $143
MLS Listing ID SN21115985
Sold Date 11/12/21
HOA Y/N No
Annual Tax Amount $14,000
Tax Year 2020
Lot Size 2.000 Acres
Acres 2.0
Property Description
24 Easy to rent 2-bedroom, 1-bath apartments. Even with COVID this apartment is performing at a cap rate of 6.5% with upside potential. Oroville California is located off of State Route 70 near State Route 99. The town experienced rapid population growth due to the Camp Fire in 2018 leaving a housing shortage in the area. In addition, the local hospital is doing a $200 million dollar expansion that will bring an additional 700 jobs to the community of 20K plus residents. It is near impossible to find rentals in the area which is why this complex remains at 100% occupancy. When tenants move out rent increases are implemented allowing a potential cap rate of over 8%
There are almost 2 parking spaces per unit and the grounds are low maintenance. Some of the units were renovated when the units turned over. This is a great investment for someone seeking immediate cash flow with upside potential. Can be purchased with 15 Mono Ave, a 14 Unit complex one lot over from 35-45 Mono.
Location
State CA
County Butte
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected
Roof Type Composition
Building
Lot Description 2-5 Units/Acre
Water Public
Others
Tax ID 031053095000
Acceptable Financing Private Financing Available
Listing Terms Private Financing Available
Financing Conventional
Special Listing Condition Standard
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Bought with Chelle Callo • DoorTru