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    15 Mono Avenue

    Oroville, CA 95965
    • $1,625,000
    • STATUS: Active
    • ON SITE: 64 days
    • MLS #: SN21115964
    $1,625,000
    • 0
      BEDS
    • 0.99
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Commercial
    Built:
    1978
    County:

    School Ratings & Info

    Description

    14 Easy to rent 2-bedroom, 1-bath apartments. Even with COVID this apartment is performing at a cap rate of 6.5% with upside potential. Oroville California is located off of State Route 70 near State Route 99. The town experienced rapid population growth due to the Camp Fire in 2018 leaving a housing shortage in the area. In addition, the local hospital is doing a $200 million dollar expansion that will bring an additional 700 jobs to the community of 20K plus residents. It is near impossible to find rentals in the area which is why this complex remains at 100% occupancy. When tenants move out rent increases are implemented allowing a potential cap rate of over 8%There are almost 2 parking spaces per unit and the grounds are low maintenance. Some of the units were renovated when the units turned over. This is a great investment for someone seeking immediate cash flow with upside potential. Can be purchased with 35 and 45 Mono Ave, a 24 Unit complex one lot over from 15 Mono.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-08-02T00:27:09.987. 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 or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.
    www.desertareahomesforsale.com/homes/117720238
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    15 Mono Avenue Oroville, CA 95965

    • Price: $1,625,000
    • Status: Active
    • MLS #: SN21115964
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.99
    Acres
    1978
    Built
    County:
    Butte
    Property Description
    14 Easy to rent 2-bedroom, 1-bath apartments. Even with COVID this apartment is performing at a cap rate of 6.5% with upside potential. Oroville California is located off of State Route 70 near State Route 99. The town experienced rapid population growth due to the Camp Fire in 2018 leaving a housing shortage in the area. In addition, the local hospital is doing a $200 million dollar expansion that will bring an additional 700 jobs to the community of 20K plus residents. It is near impossible to find rentals in the area which is why this complex remains at 100% occupancy. When tenants move out rent increases are implemented allowing a potential cap rate of over 8%There are almost 2 parking spaces per unit and the grounds are low maintenance. Some of the units were renovated when the units turned over. This is a great investment for someone seeking immediate cash flow with upside potential. Can be purchased with 35 and 45 Mono Ave, a 24 Unit complex one lot over from 15 Mono.
    Exterior Features

    Construction Materials DrywallStucco Lot Features 0-1 Unit/AcreLot Over 40000 Sqft Roof Shingle Sign On Property YN No

    Interior Features

    Cooling Wall/Window Unit(S) Cooling YN Yes Heating Wall Furnace Heating YN Yes

    Property Features

    Additional Parcels YN No Cap Rate 6.5 Common Interest None Current Financing Assumable Electric Expense 12150 Gross Scheduled Income 146400 Insurance Expense 4362 Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash To Existing LoanCash To New LoanConventionalPrivate Financing Available Net Operating Income 113952 Number Of Units Leased 14 Operating Expense 32448 Property Sub Type Multi Family Special Listing Conditions Standard Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedWater Connected Water Sewer Expense 2550 Water Source Public

    Listing provided courtesy of Mandy Whigham of Own in The Sun, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-08-02T00:27:09.987. 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 or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.
     
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