32989 Weatherly LnNorth Fork, CA 93643

Property Details for 32989 Weatherly Ln

Year built

1976

Lot size

0.11 AC

Property size (Sq ft)

3,428 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

North Fork

County

Madera

State

California

Latitude

37.2267

Longitude

-119.509

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