This is the first time this property has been on the market in 6 years. This 31-unit multifamily property, built in 1966, sits on a 0.60-acre lot and has a total building area of 21,887. It also presents a strong unit mix with (3) bachelors, (4) studios, (18) 1 Bed units, (5) 2 Bed units, and (1) 3 Bed unit, with the average unit size being more than 700 SqFt. This property offers its tenants on-site laundry, a swimming pool, and ample parking spots with 28 total spots (the 3 bachelor units do not get parking). This property currently has 2 vacant units (1 remodeled and 1 not remodeled), which will remain vacant for marketing. The buyer may choose to leave them vacant at close of escrow or lease them up during escrow. This property needs the mandatory retrofit, but the seller has already completed the first stage so that the buyer will receive fully RTI plans to get the work done. The buyer will also have until late 2023 to complete this work. We received a bid from a retrofit company, and they estimate the cost to be $126,860 to complete the work. Furthermore, our ADU specialist analyzed this property and says the buyer will be able to add 7 attached ADUs to the site. A savvy buyer could build the ADUs into the tuck under park, and by combining the ADU work with the retrofit work, the buyer would be able to maximize the amount of money they spend in order to add value while paying for a mandatory cost.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
