Contacts

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 26, 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

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Getting around

74/100
Walk Score ®
52/100
Bike Score ®

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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.

100% Occupied 6 Unit Multi-Family Apartment Units

1178 Beverly Dr, Lemoore, CA 93245