11/15/2018
Multi-Family Investment Opportunity
505 11th Street, San Miguel, CA - $895,000
Prime 5-unit Property in the up and coming area of San Miguel. Priced at $179,000 per unit, and $192 per SqFt this is one of the best deals in San Luis Obispo County. This is a turnkey property, shows like new, with additional upside readily available with needed rent increases, rents are approx 25% below market based on nearby rent comps. The complex is of very good construction and there is ample parking. Built in 2008, the property consists of an excellent unit mix, two 2-bedroom/2-bath and three 1-bedroom/1-bathroom units. All units have inside stackable washing machines and dryers. Currently offered at a 4.6% Cap utilizing the current rent roll, the property should be able to be brought up close to a 7%-cap with market rents based on nearby apartment rents. Many of the tenants have been there long term and love living there.
