32989 Weatherly LnNorth Fork, CA 93643

This exceptional investment opportunity presents a fully occupied, four-unit apartment building situated in downtown North Fork, California. The property, located at 32989 Weatherly Ln, boasts a total of 3,428 square feet on a 0.11-acre lot (APN: 060-140-025). Built in 1976 and completely renovated in 2023, this single-story building features four separately metered units, each with private entrances and fenced patios. The complex includes on-site laundry facilities and ample parking. Three units are currently leased on one-year terms, while one unit operates as a successful Airbnb, generating significant income. The units are configured as follows: one 2-bedroom, 1-bathroom unit (approximately 1,000 sq ft), one 3-bedroom, 2-bathroom unit (approximately 1,228 sq ft), and two 1-bedroom, 1-bathroom units (approximately 700 sq ft each). The property benefits from low-cost county sewer and water services and is conveniently located near restaurants, shops, and North Fork Willow Creek. The current Net Operating Income (NOI) is $41,904, with a pro-forma NOI of $58,306, representing a value-add opportunity through rent increases and lease term extensions. The asking price is $615,000, translating to $179.40 per square foot and $153,750 per unit. The property is zoned CUM (Commercial, Urban, Median District) and offers a compelling 6.81% cap rate, with a pro-forma cap rate of 9.48%. This presents a unique investment opportunity in a market with strong demand for rental units.