24 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 15 Mono Ave, a 14 Unit complex one lot over from 35-45 Mono.
|Property Type||Multi Family|
|Listing Agent||Mandy Whigham|
|Listing Office||Own in the Sun, Inc.|
Listed by Mandy Whigham of Own in the Sun, Inc.. Listing data last updated 7/26/2021 at 2:31 PM PDT.
Based on information from California Regional Multiple Listing Service, Inc. as of 5/29/2021 9:13 AM. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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