Description

HUGE 3-unit apartment complex consisting of one large 2bd/1bth top unit and two 1bd/1bth bath lower units with strong current cash flow and excellent rental upside. Current cap rate is 5.95% and the current GRM is 11.82 and the price/square foot is only $235! One unit will be delivered vacant at closing unit making for a perfect set-up for owner occupants. The property was originally built in 1925, offers approximately 3,180 square feet of living space, and sits on a 6,240 square foot lot with a large landscaped backyard and parking for three cars. The units have been updated and offer newer cabinets and countertops, wood floors, stainless steel appliances, custom lighting and molding, in-unit laundry, and more. All known maintenance issues have been addressed, and the property is separately metered for electric and gas, providing low annual operating expenses. Property management is easy and the building rents fast when there’s a vacancy. This is a high demand rental location that's walking distance to many restaurants, coffee shops, and grocery stores in the Historic District and only a short distance to the Mare Island waterfront and Vallejo marina.