340 Blackstone StTulare, CA 93274

Property Details for 340 Blackstone St

Lot size

1.80 AC

Property size (Sq ft)

17,780 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional multifamily investment opportunity presents a 25-unit apartment complex situated on a 1.8-acre lot in the heart of Tulare, California. The property, comprised of four buildings, boasts a mix of unit sizes, including studios, one-bedroom, and two-bedroom apartments, with one three-bedroom unit featuring a two-car garage. The complex underwent a complete renovation in 2024, including new flooring, granite countertops, dual-pane windows, repainting, updated electrical sub-panels, and a new security system. A total of $450,000 was invested in these upgrades. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $221,775, representing a 5.91% cap rate. The asking price is $3,752,538, with a price per unit of $150,101.52 and a price per square foot of $211.05. The 17,780 square foot complex includes 21 carport parking spaces. On-site laundry facilities are available in most buildings, with hookups in others. The property's convenient location offers proximity to schools, shopping, public transportation, and medical facilities. The large yard presents potential for future expansion, with zoning possibly allowing for the addition of 12-14 more units (buyer to verify with the city). Each unit is individually metered for gas and electricity. This value-add property offers significant potential for increased rental income through future rent adjustments. The property is classified as a Class B multifamily building.

Location Insight

City

Tulare

County

Tulare

State

California

Latitude

36.2062

Longitude

-119.331

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