3.7 Acres Lot
3.7 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
MLS Listing ID SW26127673
HOA Y/N No
Year Built 1955
Lot Size 3.696 Acres
Property Sub-Type Apartment
Property Description
Barstow is located 30 miles north of Victorville in the Upper Desert. Barstow's future growth is estimated to double in the near future due to Barstow being the center of the Barstow International Gateway project. This plan includes a 5,000 acre rail & logistics hub led by BNSF Railway. This identified "BIG" facility is designed to streamline freight movement and position Barstow as a regional economic powerhouse. This includes a 9 MILLION SQUARE FOOT WAREHOUSE EMPLOYING 15,000+ NEW JOBS!! Please see details in documents attached.
These units are located just north of Route 66 and central Barstow. Public & school bus stops are located in front of these units. Skyline Elementary is minutes walking distance away. The Walmart Superstore is just minutes away for shopping convenience. These units are just across the street from the San Bernardino County Welfare & Social Security offices, making it easy for tenants to get their checks!
This complex consists of 7 units that includes front and rear buildings.
The front building is a freestanding house, consisting of 3 bedrooms & 1 bath.
The rear building contains six units, consisting of 1 bedroom's & 1 bath's each, side by side to each other.
As you can see in the pictures, all units have tile flooring, wall heating, and window air conditioning. All units are separately metered with gas & electric which tenants sign up and pay for. Landlord's only operating expenses are water and trash. The income and expenses are LOCATED IN SUPPLEMENTS in the MARKET PACKAGE ATTACHED.
THIS COMPLEX REALLY PERFORMS!!!
At actual rents, we're putting out $84,780 annual gross income, a 6.31 Gross Rent Multiplier, a 12.28% Cap Rate, and a 27.52% Cash on Cash Return. Please note that after remodeling, the seller has intentionally left four units vacant to allow the buyer to bring in market rents and avoid rent control. For estimated rents for the vacant units, I used nearby RENT COMPS that are LOCATED IN SUPPLEMENTS in the MARKETING PACKAGE ATTACHED.
At market rents, we're putting out $102,720 annual gross income, a 5.21 Gross Rent Multiplier, an unheard of 16.51% Cap Rate, and an eye opening 44.45% Cash on Cash Return!!! YOU CAN SEE THE DETAILS OF THIS IN SUPPLEMENTS IN THE MARKETING PACKAGE ATTACHED.
Finally, please note that this offering IS LOCATED ON 3.7 ACRES. SO THERE'S HUGE ROOM TO ADD ON A LOT OF UNITS!!!!!
Location
State CA
County San Bernardino
Area Bstw - Barstow
Interior
Fireplace No
Laundry None
Exterior
Pool None
Community Features Suburban
Private Pool No
Building
Lot Description 2-5 Units/Acre
Story 1
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 0425011220000
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
NEARBY SCHOOL & BUSINESS
REVIEWS
MORTGAGE CALCULATOR
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