$899,000
SEE APPRAISAL FOR $925,000 ATTACHED!! Offering is 6 units in Victorville. Victorville is one of 3 major cities in Upper Desert. We're located 25 miles N/O San Bernardino. The Upper Desert comprises of 500,000+/- people & has all major retail/office businesses. Major cities are Victorville, Apple Valley, & Hesperia. The Upper Desert multifamily market is very strong, low crime, attractive neighborhoods, & low vacancy rates! This Offering is located on E/S of Victorville, the most desirable area of Victorville, adjacent to the most prestigious area of Upper Desert, Desert Knolls. Offering consists of one 3 bedrooms 2 baths, and five 1 bedrooms 1 baths. All units have separately metered gas/electric that tenants sign up and pay for. There are not other common area expenses, & landlord pays water and trash. All expenses are in SUPPLEMENTS attached. This complex has the following fine amenities. *Newer roofs *Updated plumbing/electric *Newer tile floors *Updated appliances *Updated cabinetry *All units have been rehabbed. *Laundry room. *Laundry hook ups. *Private tenant yards. * 15 parking stalls *Ceiling fans throughout. *Beautiful low maintenance/cost landscaping. Complex heated by wall furnace & cooled by window AC's & swamp coolers. no need for landlord worrying about high cost replacement of AC's, & no need TENANT affording summer time cooling. Running a swamp cooler is like running a light bulb!! All tenants are in good standing and always pay rent on time! COMPLEX REALLY PERFORMS! PLEASE SEE THE FOLLOWING GREAT RETURNS AT ACTUAL AND MARKET RENTS: At actual rents, WE'RE PERFORMING AT A POSITIVE CASH FLOW! We're putting out an annual gross income of $92,460, a 9.72 Gross Rent Multiplier, a 8.33% Cap Rate, and a double digit 14.78% Cash on Cash return, or aka, A POSITIVE CASH FLOW OF $26,569 ANNUALLY!!! At market rents, WE'RE POSITIVE CASH FLOW ON STERIODS! We're putting out an annual gross income of $112,800, a 7.97 Gross Rent Multiplier, a 10.57% Cap Rate, and AN EYEOPENING ROBUST 25.99% Cash on Cash return, or aka, A POSITIVE CASH FLOW OF $46,729 ANNUALLY!!! All financials, rent roll, rent comps, and income/ expenses, are located in SUPPLEMENTS attached. This multifamily has one of the highest returns in So Cal! SELLER IS MOTIVATED & READY TO DEAL! WE WENT INTO ESCROW RIGHT AFTER LISTING. BUYER DIDN'T QUALIFY BUT APPRAISAL WAS DONE & ATTACHED IN SUPPLEMENTS. APPRAISED FOR $925,000!!! MUCH MORE THAN OUR ASKING PRICE!!
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Listed by Tony Burton with Burton Commercial, Inc. (951) 375-7433
Property Type
Apartment
Status
Active
MLS Number
SW25272687
Year Built
1970
Lot Size
0.33 acres