Selling a portfolio of 53 single family rentals. Currently working on renting the last few properties. Almost all 3-4 bedroom homes. (2 two bedroom homes) Will be 95%-100% occupied by closing. Rental mix is about 25% Section 8 or subsidized rental vouchers and 75% market rate tenants. Professionally managed. All tenants are screened and must meet income qualifiers and background checks. All remodeled within past 2 years. Just finishing the install of 20 brand new A/C units. Many of the homes have newer roofs, HVAC, and water heaters. Upgrades in most of the homes include 18" ceramic tile in kitchen and bathrooms, tile shower surrounds, new vanities and toilets, new cabinets with granite countertops. I would estimate that half of the properties have appliances that are new within the past 18 months. Many of the properties have new electrical panels and sewer stacks within the past 2 years. All properties are located in North County within 10-15 minute drive of each other. Very easy to manage. Asking Price - $3,970,000 Annual Rent - $546,180 (@ 100% Occupancy) Annual NOI - $317,519 The hard work here is done, just start collecting rent. Not too many portfolios come with properties that are in the condition that this portfolio is in. Because of the condition of the properties it usually only takes a week or two to place a new tenant. Seller holds an active real estate license.
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