Very solid 4-plex in the town of Oceano. These units always stay rented and when a vacancy occurs the time for rent-up is faster than the owner can turnover the unit. All 2-bed/1.5-bath townhomes. There are new furnaces and stoves in all units. Tenants pay electric and gas. There is ample off street parking both in front and back of the units, which the back units are accessed by an ally way. There is also an abundant amount of on street parking. Rents have just been raised the allowable amounts which sets the income at $5,300 a month, $63,600 annually. Great investment, great location, easy access to beach and near highway 1. Oceano's beach is the Oceano Dunes State Vehicular Recreation Area, a 1,500 acres coastal sand dune. It is the only state park in California where visitors may drive vehicles on the beach, tourists are attracted from all over the United States. Activities on this beach include riding the sand dunes on all-terrain-vehicles, swimming, clamming, camping, surfing, surf fishing, hiking, and bird watching. At $286 a SqFt and 15 GRM, the price is inline with comps and an incredibly better bargain and return on investment compared to Arroyo Grande and Grover Beach recent sales. Expenses noted include projected new taxes. Expenses at 40% are high for a 4-unit property and should be able to be brought down by a savvy operator. Rents are low should be able to be raised by the yearly max for many years to come. See attached projected 5-year analysis.
Listing courtesy of Kevin King from King Properties
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