100% Occupied 6 Unit Multi-Family Apartment Units

For Sale

1178 Beverly Dr, Lemoore, CA 93245

This Lemoore property for sale is located at 1178 Beverly Dr. The current listed sale price for 100% Occupied 6 Unit Multi-Family Apartment Units is $1,300,000. 100% Occupied 6 Unit Multi-Family Apartment Units is situated on a lot that is 0.25 acre in size.

Contacts

broker

Jared Ennis

Central CA Commercial

Property Details

  • Property Type Multi-Family
  • Property Size 5,338 SF
  • Units 6
  • Lot Size 0.25 Acre
  • Additional Rent Contact for pricing
  • Parking Spaces Avail. 10
  • Parking Ratio 4.14 / 1,000 SF
  • Property Tenancy Multi-Tenant
  • Year Built 1976
  • Year Renovated 2023
  • Date Updated Nov 13, 2024
This multi-family complex is located on the Southeast corner of Beverly Drive & Burlwood Ln. Property is located North of Hanford Armona Rd, South of Hazelwood Dr, West of Sara Dr & East of 18th Ave.Fully Remodeled 100% occupied 6 Unit Multi-Family Apartment complex on ±0.25 Acres of land. Property consists of one single story building with (6) separately-metered units that totals ±5,338 SF. All (6) units have been fully remodeled, include 2 Bed/1 Bath (±889 SF), fenced patios and private entrances, separately metered for gas/electricity, and has access to on-site laundry. Each lease term was initially 1-year, noting tenants to pay their own utility & hot water, separate gas & electric meter. The apartments are located in a very strong rental market with adjacent properties renting at $1550 - $1650/month/unit for similar product. The immediate neighborhood is quiet and primarily single family residential. There is the Elementary, Middle School and High School within a few miles of the property. The units are spacious, there is on-site parking and exterior lighting throughout the complex. The property is within a few miles from convenient shopping and many national tenants like Dutch Bros Coffee, Save Mart, Dollar Tree, Jack in the Box, Walgreens and many more! The value-add opportunity consists of addressing the under-market rent of the (6) tenants, extending lease length over the next 6-12 months. Value-add opportunity with actual rents of $95,400/year collected plus upside potential. After addressing the slightly under-market rents, the realistic stabilized gross annual income is $120,600. 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 6.33% CAP rate.

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Highlights

  • Value Add Upscale 6 Unit Complex | Full 2023 Remodel
  • Upside Potential: 6.33% CAP Rate & $120K In Rents
  • 100% Occupied | Rent Ready | (6) 2 Bed/1 Bath
  • Ample Private Parking On Site | On Site Laundry
  • Easy Access On and Off HWY-198 & HWY-41
  • Additional Side Parking and Plenty of Street Parking
  • Long Term Tenants Secured on Leases
  • Great Income History - Proven Track Record
  • All Ground Floor Units w/ Rear Private Patios
  • Well-Known Freestanding Office Building @ Corner Location

Attachments

Getting around

  • 74/100

    Walk Score ®

  • 52/100

    Bike Score ®

Powered by Walk Score ®

Location

  • City Lemoore, CA
  • Zip Code 93245
  • Market Central Valley

Points of Interest

  • Shell

    2.58 miles

  • Chevron

    5.85 miles

  • Costco Gasoline

    9.47 miles

  • Valero

    9.90 miles

  • Hanford Park And Ride

    8.58 miles

  • Best Western Inn & Suites Lemoore

    1.14 miles

  • Travelodge Lemoore Near Naval Air Station

    1.25 miles

  • Home2 Suites by Hilton Hanford Lemoore

    5.94 miles

  • Sequoia Inn

    5.96 miles

  • Best Western Hanford Inn

    6.73 miles

  • Rodeway Inn Downtown Hanford

    7.20 miles

  • Comfort Inn Hanford Lemoore

    7.28 miles

  • Shopping Center Pioneer Square

    0.18 miles

  • Target

    5.64 miles

  • Walmart Supercenter

    5.64 miles

  • Marshalls

    5.67 miles

  • Foods Co

    5.70 miles

  • ALDI

    5.71 miles

  • JCPenney

    5.94 miles

  • Kohl's

    5.95 miles

  • Hanford Mall

    5.96 miles

  • Big Lots

    6.68 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Jared Ennis

Central CA Commercial