15 Mono Avenue, Oroville, CA 95965

$1,625,000
List Price
$1,625,000
Status
ACTIVE
MLS#
SN21115964
Year Built
1978
Lot Size
43,124
Acres
0.99
Lot Location
Item01UnitAcre, LotOver40000Sqft
Days on Market
22
Property Type
Commercial
Property Sub Type
Multi Family

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.

Additional Information

Heat
Wall Furnace
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Exterior Construction
Drywall, Stucco
Roof
Shingle
Water
Public
Number Of Units Total
14
Gross Scheduled Income
$146,400
Operating Expense
32448

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Mandy Whigham from Own in the Sun, Inc.

Based on information from California Regional Multiple Listing Service, Inc. as of . 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.