1178 Beverly DrLemoore, CA 93245

Property Details for 1178 Beverly Dr

Year built

1976

Lot size

0.25 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a fully remodeled, six-unit apartment complex in Lemoore, CA. The property, situated on a 0.253-acre lot (APN 021-210-042), boasts a single-story building totaling approximately 5,338 square feet. Each of the six units features two bedrooms and one bathroom, encompassing approximately 889 square feet each. All units are currently 100% occupied with one-year leases, featuring separately metered gas and electricity, private fenced patios, and private entrances. On-site laundry is available for tenant convenience. The property underwent a complete renovation in 2023. The current Net Operating Income (NOI) is $59,616, yielding a 4.59% cap rate. However, a significant value-add opportunity exists due to current rents being below market value. Comparable properties in the area command $1550-$1650 per month, suggesting a potential increase in annual gross income to $120,600, resulting in a pro-forma cap rate of 6.33% and a pro-forma NOI of $82,296. The property is conveniently located near Highway 198 and Highway 41, with easy access to shopping centers featuring national tenants such as Dutch Bros Coffee, Save Mart, Dollar Tree, Jack in the Box, and Walgreens. The surrounding neighborhood is primarily residential, with elementary, middle, and high schools within a few miles. Ample on-site parking and exterior lighting enhance the property's appeal. The asking price is $1,300,000, representing a price per unit of $216,666.67 and a land value of $243.54 per square foot. This property offers a compelling combination of immediate income and significant upside potential in a strong rental market. The property is zoned RMD - Medium Density Residential.

Location Insight

City

Lemoore

County

Kings

State

California

Latitude

36.3155

Longitude

-119.777

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