400 N Palm Drive

    Blythe, CA 92225
    • $3,300,000
    • STATUS: Active
    • ON SITE: 496 days
    • ID#: 16171852
    UPDATED: 48 min ago
    $3,300,000
    • 0
      BEDS
    • 9.24
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 66,000
      SQFT
    • $50
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1991
    County:
    Area:

    School Ratings & Info

    Description

    Now fully rehabbed and vacant units ready to be leased up, Recently Foreclosed , Newer 1991 built Pride Garden apartment complex consisting of 70 units in 15 buildings plus rental office, of which 30 are 2 Bedroom 1 bath and 40 are 3 bedrooms 1.5 bath townhouse style, over 2.5 Million spent to rehab complex in 2008 total cost over $9M. Building is currently 50% rented with rents that are 30% below market , Market rents are 725 for the 2 bedrooms and 800-825 for the 3 bedrooms market rents, each unit has own laundry hook ups and water heater . Amenities include : Pool , Rec room, secured ample parking, each unit has its own outside private storage room, Tremendous long term upside on rents .

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-02-24T12:27:03.557. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.themarellygroup.com/homes/67328818

    400 N Palm Drive Blythe, CA 92225

    • Price: $3,300,000
    • Status: Active
    • Updated: 48 min ago
    • ID#: 16171852
    0
    Beds
    0
    Baths
    0
    ½ Baths
    9.24
    Acres
    66,000
    SQFT
    $50
    $/SQFT
    1991
    Built
    Neighborhood:
    374 - Blythe
    County:
    Riverside
    Area:
    374 - Blythe
    Property Description
    Now fully rehabbed and vacant units ready to be leased up, Recently Foreclosed , Newer 1991 built Pride Garden apartment complex consisting of 70 units in 15 buildings plus rental office, of which 30 are 2 Bedroom 1 bath and 40 are 3 bedrooms 1.5 bath townhouse style, over 2.5 Million spent to rehab complex in 2008 total cost over $9M. Building is currently 50% rented with rents that are 30% below market , Market rents are 725 for the 2 bedrooms and 800-825 for the 3 bedrooms market rents, each unit has own laundry hook ups and water heater . Amenities include : Pool , Rec room, secured ample parking, each unit has its own outside private storage room, Tremendous long term upside on rents .
    Exterior Features

    Lot Features Sprinklers None Lot Size Source Assessor Lot Size Units Square Feet Parking Features Parking Space Parking YN Yes

    Interior Features

    Cooling Central Cooling YN Yes Laundry Features See Remarks

    Property Features

    Cap Rate 9.40 Gross Multiplier 6.00 Gross Operating Income 546000.00 Improvements Amount 3739291 Land Value 832181 Laundry YN Yes Net Operating Income 310000.00 Special Listing Conditions Standard Total Expenses 236000.00 Zoning M1

    Listing provided courtesy of Sam Ostayan of Century Realty Group.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-02-24T12:27:03.557. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    The Marelly Group | Realty One Group
    5256 South Mission Rd, Suite 1006
    Bonsall CA, 92003