• Address: 20873 83rd St, California City, CA 93505 (map)
• Date Posted: 11/06/09
• Size (sq ft): 440

Great Investment w/12% CAP rate!!!!!20873 83rd St, California City, CA 93505
Features
Units: 12
Bedrooms: 12
Bathrooms: 12
Year Built: 1986
Square Footage: 440
Lot Size: 12,632
Floors in Bldg: 2
Broker: Jay Kister
Agent Name: Jay Kister
MLS #: T09112505
Pricing
Price: $275,000.00
CAP Rate: 12%
Building Amenities
Central A/C
Smoke alarms
Guest Parking
Interior Amenities
Refrigerator
Stove/Oven
Wall-to-wall Carpet
Description
BANK-OWNED REO!!! 12-units, all studio units of approximately 440sqft each.


Most units just need a good cleaning & will be in rentable condition thereafter. Building is newer, tons of parking, large lot with 'common grounds' for tenants, requires minimal landscape care (typical for the area).

Only 3 units currently occupied, but huge upside for rents. Using below-market rent of $375/month per unit, a 5% vacancy factor, & nearly a 35% expense factor (high to be conservative & includes prop management fees!), this property still pulls a HUGE 12% CAP rate at this price!!!---And if you can owner-manage this property, you will be cutting out more expenses, therefore increasing cash-flow & that CAP rate! ---And this amazing 12+% CAP rate and price, this property will receive multiple offers, so submit your highest & best! ---Seller may finance property with 30+% down at market rates. Call for more info!

In 2006, population of California City was approximately 13,000+ and has been noted as the 12th fastest growing city in all of California! Many of its residents work at the nearby Edwards Air Force base and a large local state prison.

The location of the property within this city is perfect, getting not much better, with easy access to the main road through the city and to public transportation


Contact: Jay Kister | 619-704-7777
For additional information, see: http://www.vflyer.com/home/crlk?id=2928847&ps=16 or reply to this ad.