For Sale
$1,100,000

23285 Ca-243Idyllwild-Pine Cove, CA 92549

5-Unit Apartment Building, Idyllwild-Pine Cove, CA

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a stabilized, 5-unit apartment building in Idyllwild-Pine Cove, California. The property, located at 23285 CA-243, boasts 2,856 square feet of net rentable space across a two-story building constructed in 1966 and renovated in 2018. Each of the five units features one bedroom and one bathroom, offering a desirable rental profile. Three units are situated on the ground floor, with the remaining two units and a rooftop patio located on the upper level. The property sits on a 0.15-acre lot and includes ample parking (6 spaces total). Currently operating at 100% occupancy since August 9, 2024, the property generates a strong NOI of $48,056, resulting in a 4.37% cap rate. Individual electric and propane gas meters are installed in each unit, simplifying utility management. Water is billed bi-monthly by the water district and paid by the owner. Recent improvements include a new roof installed in 2023. The property is zoned for multi-family use (APN: 559-157-014) and is offered at $1,100,000 ($220,000 per unit and $385.15 per square foot). Below-market rents present a significant opportunity for future rental income growth. Serious inquiries only. Seller financing may be available.

Highlights

  • High occupancy rate with strong rental demand.
  • 100% occupancy, below-market rents offering significant rental upside.

Property Details for 23285 Ca-243

Property type
Apartment buildings
Square Feet
2,856 SF
Class
C
Year Built/Renovated
1966/2018
Buildings
1
Stories
2
Units
5

Location Insight

City
Idyllwild-Pine Cove
County
Riverside
State
California
Latitude
33.759535499041
Longitude
-116.7384192838
23285 Ca-243, Idyllwild-Pine Cove, California

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23285 Ca-243
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