Description

The subject property is situated on a 0.22 acre lot. Constructed in 1977, 345 Pomelo Avenue consists of 10 apartments within a single building with a net rentable area of 9,619 square feet. The neatly landscaped, well-maintained property is separately metered for gas and electric and offers a laundry facility and 2:1 parking including 10 private garages. The desirable unit mix consists of 4 one-bedroom units, 5 two-bedroom units, and 1 three-bedroom unit. The units offer laminate wood-style flooring, gas stove, refrigerator, central heating and air, and ample storage space. While the current ownership has diligently maintained the property, the current ownership has not been aggressive in increasing rents or implementing full unit renovations. With current rents approximately 27% below market, a new owner is presented with the opportunity to increase rents to market upon vacancy or further increase rental income with complete unit renovations. There are no local rent control restrictions (the property remains subject to AB 1482). PART OF A 7 BUILDING PORTFOLIO; CAN BE SOLD INDIVIDUALLY