1173 Fair Oaks Avenue

    Arroyo Grande, CA 93420
    • $5,250,000
    • STATUS: Active
    • ON SITE: 885 days
    • ID#: SP1067816
    UPDATED: 42 min ago
    $5,250,000
    • 0
      BEDS
    • 1.4
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 23,370
      SQFT
    • $225
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1980
    County:

    School Ratings & Info

    Description

    Marketing Remarks: The property consists of 5 buildings, each two story with wood frame and stucco construction. The property has been well maintained and has had recent improvements to both the exterior and interiors. The individual units are well sized with one bedroom and two bedroom units. Common areas include storage, a swimming pool, laundry facility, and a stand alone leasing office. There is abundant off street parking both covered and uncovered. The property includes a greenbelt at rear of property, with potential for additional units. Owner had approved plans for an additional 8 units on back greenbelt, laundry room expansion, and hot tub installation (Plans need update, use permit expired). The property is conveniently located near parks, schools, major retail, and employment. Rents are being raised substantially on turned over units, but there is still significant upside in rents. Selling at $187,500 per unit where single family homes in the neighborhood are selling above $500,000.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-13T15:32:33.353. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.pismohomes.com/homes/63728915

    1173 Fair Oaks Avenue Arroyo Grande, CA 93420

    • Price: $5,250,000
    • Status: Active
    • Updated: 42 min ago
    • ID#: SP1067816
    0
    Beds
    0
    Baths
    0
    ½ Baths
    1.4
    Acres
    23,370
    SQFT
    $225
    $/SQFT
    1980
    Built
    Neighborhood:
    West Of 101(1000)
    County:
    San Luis Obispo
    Area:
    ARRG - Arroyo Grande
    Property Description
    Marketing Remarks: The property consists of 5 buildings, each two story with wood frame and stucco construction. The property has been well maintained and has had recent improvements to both the exterior and interiors. The individual units are well sized with one bedroom and two bedroom units. Common areas include storage, a swimming pool, laundry facility, and a stand alone leasing office. There is abundant off street parking both covered and uncovered. The property includes a greenbelt at rear of property, with potential for additional units. Owner had approved plans for an additional 8 units on back greenbelt, laundry room expansion, and hot tub installation (Plans need update, use permit expired). The property is conveniently located near parks, schools, major retail, and employment. Rents are being raised substantially on turned over units, but there is still significant upside in rents. Selling at $187,500 per unit where single family homes in the neighborhood are selling above $500,000.
    Exterior Features

    Foundation Details Slab Lot Features Paved Lot Size Source Assessor Lot Size Units Acres Parking Features Covered Parking Parking YN Yes Pool Private YN Yes Roof Shingle

    Interior Features

    Cooling None Cooling YN No Heating Forced Air Heating YN Yes Levels Two

    Property Features

    Building Area Units Square Feet Cap Rate 3.90 Community Features CurbsSidewalksStreet Lighting Country Us Elevation Units Feet Gross Multiplier 15.90 Gross Operating Income 329690.00 Laundry Equipment Own Lease Own Net Operating Income 210244.00 New Construction YN No Number Of Units Leased 28 Operating Expense 119716.00 Subdivision Name Other West Of 101(1000) Tenant Pays ElectricityGas Total Actual Rent 350400.00 Utilities Cable AvailablePhone Connected Vacancy Allowance 6479 Vacancy Allowance Rate 2.00 Zoning Apt

    Listing provided courtesy of Kevin King of King Properties.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-13T15:32:33.353. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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