For Sale
$999,000

140 Ross StVisalia, CA 93292

High-yield CA multifamily investment.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents an eight-unit single-family rental portfolio situated on a substantial 2.42-acre lot in Visalia, California. The property comprises eight detached single-family homes, each approximately 900 square feet, featuring two bedrooms and one bathroom. Each unit includes washer/dryer hookups and a detached garage. Tenants are responsible for all utilities except trash removal, which is covered by the landlord. Currently, seven units are occupied, generating a gross monthly rent of $5,746. The property boasts a current NOI of $53,157 and a pro-forma NOI of $76,893, translating to a current cap rate of 5.32% and a pro-forma cap rate of 7.70%. The asking price is $999,000, representing a price per unit of $124,875 and a land value of $139 per square foot. The seller maintains one vacant unit for personal use when visiting. According to the seller, the property is zoned R2, potentially allowing for the construction of up to 34 units; however, buyers are advised to independently verify zoning and building regulations. Discrepancies may exist between the provided square footage and bedroom counts and tax records; verification by the buyer is recommended. Each home has a separate address (115, 119, 121, 140, 142, 144, 145, 146). The seller is seeking a 1031 exchange and is not considering alternative financing options at this time. The property is located at 140 S Ross St, Visalia, CA 93292.

Highlights

  • $999,000 asking price for an 8-unit multifamily property.
  • 5.32% current cap rate, 7.70% pro-forma cap rate.
  • $53,157 current NOI, $76,893 pro-forma NOI.
  • Eight single-family homes on a 2.42-acre lot in Visalia, CA.
  • $124,875 per unit price.

Property Details for 140 Ross St

Property type
Residential income homes
Lot Size (sq. ft)
105,415 SF
Units
8

Location Insight

City
Visalia
County
Tulare
State
California
Latitude
36.308916
Longitude
-119.283694
140 Ross St, Visalia, California

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140 Ross St
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