North Fork Multifamily for Sale - Outlying Madera County
Fully Remodeled 100% occupied 4 Unit Multi-Family Apartment complex on ±0.11 Acres of land. Property consists of one single story building with (4) separately-metered units that totals ±3,428 SF. All (4) units have been fully remodeled, & include fenced patios and private entrances, separately metered for gas/electricity, and has access to on-site laundry. Unit #A of ±1,000 SF (2bed/1Bath) is currently used as an AirBnB with Payouts of Sept to Dec '22: $4,466.99 and 2023 YTD: $3,856 = $8,322.99. Unit #B of ±1,228 SF is a 3Bed/2Bath recently leased for 1-year (available 10/1), Unit #C of ±700 SF is a 1Bed/1Bath & Unit #D of ±500 SF is 1Bed/1Bath - both signed a 1-year lease. The units are spacious, there is on-site parking and exterior lighting throughout the complex. Low cost County sewer/water services in place. The property is within a few miles from restaurants, shops, & North Fork Willow Creek.
The value-add opportunity consists of addressing the under-market rent Unit 1 by renting it to a long-term tenant or increasing the short term rental dates, and extending lease lengths over the next 6 months where increases are put into place. Value-add opportunity with actual rents of $62,322.99/year collected plus upside potential. After addressing the slightly under-market rents, the realistic stabilized gross annual income is $$81,000. 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 9.48% CAP rate, and a 1.7% DCR and a 12.97 cash-on-cash return even at today’s rates!
