8 Unit Apartment Complex
Located in a California Opportunity Zone
Caliente Dr & Ironwood Dr- Near Palm Drive
All apartments are one bedroom and one bath with private back yards and private exterior storage rooms in each tenant back yard. Each apartment has covered parking and there is additional on-site parking available.
The property has been well maintained and it shows. It is a very clean and crisp property. To further improve the property, it received new exterior paint, new landscaping, new walls and fencing, new light fixtures, a repaved parking lot, and new building signage in 2018/19.
Three of the apartments have been remodeled with new cabinets, counters, fixtures, flooring, etc. The remainder of the apartments are well maintained and have received updates or improvements as needed but a remodel is not necessary.
As the property renovation was completed in August of 2019, rents have not been fully increased to reflect the improved property condition. There should be plenty of “up-side” in rents.
The apartments are large at approximately 640 rentable square feet each. This size, along with the private back yards and carports, makes the apartments highly desirable to long term renters.
The property has good design and high-quality construction. This includes a concrete tile roof, all stucco exterior, and concrete block perimeter walls.
Each apartment is separately metered for both electricity and gas and the tenants pay the costs for these services directly to the utility supplier.
The apartments feature a separate central HVAC in each unit. However, some years ago a prior owner installed wall AC in several units rather than make a repair to the central HVAC. As these wall AC units work very well, there has been no need to remove them. Additionally, each apartment has its own hot water heater.
There is an on-site laundry room with two washers and two dryers featuring the latest new equipment technology that can be controlled and paid for via phone app. This equipment is under a new lease with CSC Laundry that started in August 2019. The new lease provides for a straight 50/50 revenue share with no minimums to CSC. However, since the lease is new, historical collection information is not available but is expected to generate revenue to the property of approximately $40-$60 per month.