For more information regarding the value of a property, please contact us for a free consultation.
Key Details
Sold Price $705,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID NP14211026
Sold Date 11/13/14
HOA Y/N No
Year Built 1965
Lot Size 8,494 Sqft
Property Description
The 3rd Street apartments are a single story triplex in Tustin featuring 1 (2+2) and 2 (2+1) units. The structure is approximately 2,600 square feet and the lot is approximately 8,480 square feet. Unit amenities include, gas cooking, laundry hookups, large living room areas, vaulted ceilings, fenced backyard areas, garage parking, and open parking spaces. Operating costs for the building are low as the units are separately metered for utilities. The only landlord utility expenses are water and trash. The apartments are located in the heart of Tustin as they are situated right behind City Hall, Tustin Library and numerous newer developments which attract quality renters. Long term tenants (25+ years) occupy the apartments so vacancy has never been an issue. This is a value add opportunity as there is significant rental upside to an investor who is willing to upgrade the apartments where necessary. Listed Cap Rate and GRM based on Proforma Rents. Please see the attached marketing proposal for additional details.
Location
State CA
County Orange
Area 71 - Tustin
Interior
Interior Features All Bedrooms Down
Cooling Wall/Window Unit(s)
Flooring Carpet
Fireplaces Type None
Fireplace No
Laundry Washer Hookup, Electric Dryer Hookup
Exterior
Garage Assigned
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Curbs
Utilities Available Sewer Connected
Parking Type Assigned
Total Parking Spaces 5
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 1
Entry Level One
Water Public
Level or Stories One
Others
Senior Community No
Tax ID 40159209
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Conventional
Special Listing Condition Standard
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Michael Arp • Investment Capital Real Estat