An amazing opportunity to own 11 single story units in Port Hueneme, less than a Mile to the Port Hueneme Beach Park in a great neighborhood. Surrounded by newer buildings around. (8) units 1+1, (2) units 2+1 and (1) unit 3+1. 6,326 sq ft building on a 20,000 sq ft lot accommodates new building projects conforming to the neighborhood with great potential and high average family income. 6 Units on the East side with 2 attached garage and 5 units and the utility room on the West side of the property. Each unit has its own separate electric and gas meters. Covered parking spots for 11 cars including two attached garages for two units and several parking spaces for guest. This property is well suited for a huge upside potential. The best value is to build a new building and continue earning the rental income until the plans are approved. Units have deferred maintenance and rents are under market. Current CAP rate is 4.94% and the GRM is 11.78. Current scheduled rental income is $144,600 annual and current annual expense is $49,110. Due to poor management at this time there is no laundry income and one unit is not paying since February and is in litigation. Proforma rent is $13,750/mo with this amount likely to increase greatly in the months and years ahead, as inventory of available housing remains very low. Please do not approach to units, due to COVID. Drive by only. Showing with accepted offer.
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