340-352 S Blackstone Street

Description

25 unit apartment complex close to schools, shopping and public transportation. Rents have room for increases and property has undergone renovations in 2024 with previous owner (over $450K in upgrades). New flooring, granite countertops in kitchen/bathroom suites, new dual-paned windows, repainted inside and outside, new electric sub-panels and security systems ahve been installed. On-site laundry can bring in additional revenue (not included in pro-forma). There is a large yard area that is currently used as a shared open space for tenants that can be utilized for construction of 12-14 new units (buyer to verify with City of Tulare). Eight units are upstairs inmain building and remaining units downstairs or in single level buildings. One building is a duplex that contains a 3/1 unit with indoor laundry hook-up and 2 car garage (possibly for in-site manager at reduced rent). With a proposed CAP of 6.35, this gives a nice return and still has upside potential with a few additional cosmetic improvements. Perfect investment for mid-sized investors and for 1031 exchanges.full 25 unit list available, please contact listing agent for remaining units.