$1,140,000
Porterville, CA 93257
MLS# 234045
Status: Closed
18 beds | 15 baths | 7500 sqft
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Property Description
Great investment opportunity! Well maintained 10 unit apartment complex, comprised of 5 separate duplexes on one APN at approximately 0.87 acres. There are five - 2 bedroom, 2 bath units, four - 2 bedroom, 1 bath units and one - 1 bedroom, 1 bath unit. One of the duplexes was built first and then at a much later time the other four duplexes were built. Four of the duplexes have brand new roofs and all five of the duplexes will have new paint on the exterior (2 exteriors have been painted already). Seller has been raising rents but is still low on several of them. Included in the income is $500 for utility reimbursement. The current CAP Rate is app. 6.47%, but the potential CAP Rate could be much higher with increased rents, which makes this a very good investment now as well as in the future. Make this the investment opportunity that you have been waiting for!
Details
Maps
Property Information
Property Sub-Type: Multi Family
New Construction: No
Year Built: 1000
Year Built Source: Estimated
Number of Buildings: 5
Number of Units: 10
Street #: 2373- 2393
Stories: 1
Approx Square Feet: 7500
Direction: E
Bedrooms: 18
SqFt Source: Public Records
Street Name: Springville
Lot Acres: 0.87
Suffix: Avenue
Total Baths: 15
Lot SqFt: 38089
Lot Size Source: Public Records
Lot Dimensions: Irregular
State/Province: CA
Zip Code: 93257
APN: 263130025000
County: Tulare
Additional Parcels Y/N: No
Common Interest: None
Area: Porterville SE
Listing Information
Original List Price: 1200000
List Price/SqFt: 160
Current Price: $1,140,000
Status: Closed
Listing Date: 2025-03-14
Listing Price: 1200000
Showing Information
Directions to Property: From the corner of Plano and Date Avenue, go east on Date until it becomes Springville Avenue, then go further east on Springville Avenue until you come to subject property on the south side of the road.
Remarks
Marketing Remarks: Great investment opportunity! Well maintained 10 unit apartment complex, comprised of 5 separate duplexes on one APN at approximately 0.87 acres. There are five - 2 bedroom, 2 bath units, four - 2 bedroom, 1 bath units and one - 1 bedroom, 1 bath unit. One of the duplexes was built first and then at a much later time the other four duplexes were built. Four of the duplexes have brand new roofs and all five of the duplexes will have new paint on the exterior (2 exteriors have been painted already). Seller has been raising rents but is still low on several of them. Included in the income is $500 for utility reimbursement. The current CAP Rate is app. 6.47%, but the potential CAP Rate could be much higher with increased rents, which makes this a very good investment now as well as in the future. Make this the investment opportunity that you have been waiting for!
General Information
Garage: No
Pool: No
HOA: No
Solar YN: No
Financial Information
Cap Rate: 6.47
Tax Information
Land Value: 47008
Improvement Value: 404528
Status Change Info
Status Change Date: 2025-05-15
Pending Date: 2025-03-28
Close Date: 2025-05-15
Close Price: 1140000
Close Price/SqFt: 152
Unit 1
Number of Bedrooms: 2
Number of Bathrooms: 2
Total Rent: 1000
Unit 2
Number of Bedrooms: 2
Number of Bathrooms: 2
Total Rent: 900
Unit 3
Number of Bedrooms: 2
Number of Bathrooms: 2
Total Rent: 975
Unit 4
Number of Bedrooms: 2
Number of Bathrooms: 2
Total Rent: 940
Unit 5
Number of Bedrooms: 2
Number of Bathrooms: 1
Total Rent: 761
Unit 6
Number of Bedrooms: 2
Number of Bathrooms: 1
Total Rent: 950
Unit 7
Number of Bedrooms: 2
Number of Bathrooms: 1
Total Rent: 1033
Unit 8
Number of Bedrooms: 1
Number of Bathrooms: 1
Total Rent: 676
Unit 9
Number of Bedrooms: 2
Number of Bathrooms: 2
Total Rent: 1250
Unit 10
Number of Bedrooms: 2
Number of Bathrooms: 1
Total Rent: 950
Property Features
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Water: Public
Sewer: Private Sewer
Cooling: Central Air; Evaporative Cooling
Heating: Forced Air; Wall Furnace
Roofing: Composition
Expenses Include: Professional Management
Listing Office: Melson Realty, Inc.
Listing Agent: Mike Brown
Agent Email: mbrown@ocsnet.net
Last Updated: May - 15 - 2025
Information deemed reliable but not guaranteed.