The Elder Street Apartments represent a true value add opportunity in the North San Diego County community of Fallbrook. The opportunity consists of a 4 unit building with the potential to add the adjacent property at 725 E. Elder, for a total of 8 units on 2 separate parcels enabling the investor to lock in 30 year fixed rate debt at historically low rates on each building. Constructed in 1965, 729 E. Elder rests on a slab foundation with stucco and frame construction. The 2 story building has a unit mix consisting of four 3 bedroom 1.5 bath units, with all units over 1050 square feet. The 2 ground level units were completely rehabbed in 2016. Separately metered for gas and electric, the units have long term tenants with a solid payment history. The roof was replaced in 2015 and the boiler in 2016 so major systems are relatively new. All plumbing angle stops have been replaced, all toilets are low flow, and plumbing lines are copper. There is a laundry room with leased equipment providing the residents with onsite convenience plus extra income for the owner. Parking is via carports. Purchase this as a 4 unit investment or combine with 725 E. Elder for an 8 unit asset with no income fluctuation from interest rate uncertainty due to the ability to use 30 year fixed rate debt. Number of Furnished Units: 0
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