383 Lemon Street

    San Luis Obispo, CA 93405
    • $2,000,000
    • STATUS: Closed
    • ON SITE: 236 days
    • ID#: SP18068676
    Sold - 09/28/2018
    $2,000,000
    SOLD - 09/28/2018
    • 0
      BEDS
    • 0.29
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,434
      SQFT
    • $451
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1935
    County:

    School Ratings & Info

    Description

    Here's your chance to buy an amazing 6 unit income property close to Cal Poly and downtown San Luis Obispo that is great for students and young professionals. This property is fully leased out through August 2019 generating $13,350 per month. This is the highest CAP Rate currently available in San Luis Obispo! This is an extremely high demand location as Cal Poly continues to increase enrollment and local businesses continue to grow. Coupled with the low inventory and high prices, the rental market has seen tremendous growth that continues for years to come. The large 12,500 sq ft property has just undergone a significant amount of work starting with new roofs and new paint on all buildings. Most units have new kitchen and bathroom cabinets, new counters and sinks, new water heaters, new furnaces, new tile and laminate flooring, and new windows. Even the yard ensures minimal maintenance for the new owner. The property is comprised of 4 buildings on the corner of Olive and Lemon St. It has (2) 3 bedroom houses, 1 duplex with 1 bedroom in each and another duplex with a 2 bedroom unit and a 1 bedroom unit. Coin operated laundry brings in additional income. Plenty of off street parking and a large, low maintenance courtyard make a great area to hangout after class. Each unit has separate electric meters that tenants pay. Owner pays for water, gas and trash averaging roughly $635/month combined.

    Sold by Madison Ward of Bhgre Haven Properties.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-18T17:29:52.37. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.impactca.com/homes/82029813

    383 Lemon Street San Luis Obispo, CA 93405

    • Price: $2,195,000
    • Status: Closed
    • Updated: 10 min ago
    • ID#: SP18068676
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.29
    Acres
    4,434
    SQFT
    $451
    $/SQFT
    1935
    Built
    Neighborhood:
    San Luis Obispo(380)
    County:
    San Luis Obispo
    Area:
    SLO - San Luis Obispo
    Property Description
    Here's your chance to buy an amazing 6 unit income property close to Cal Poly and downtown San Luis Obispo that is great for students and young professionals. This property is fully leased out through August 2019 generating $13,350 per month. This is the highest CAP Rate currently available in San Luis Obispo! This is an extremely high demand location as Cal Poly continues to increase enrollment and local businesses continue to grow. Coupled with the low inventory and high prices, the rental market has seen tremendous growth that continues for years to come. The large 12,500 sq ft property has just undergone a significant amount of work starting with new roofs and new paint on all buildings. Most units have new kitchen and bathroom cabinets, new counters and sinks, new water heaters, new furnaces, new tile and laminate flooring, and new windows. Even the yard ensures minimal maintenance for the new owner. The property is comprised of 4 buildings on the corner of Olive and Lemon St. It has (2) 3 bedroom houses, 1 duplex with 1 bedroom in each and another duplex with a 2 bedroom unit and a 1 bedroom unit. Coin operated laundry brings in additional income. Plenty of off street parking and a large, low maintenance courtyard make a great area to hangout after class. Each unit has separate electric meters that tenants pay. Owner pays for water, gas and trash averaging roughly $635/month combined.
    Exterior Features

    Garage Spaces 0.00 Lot Features 11-15 Units/AcreLot 10000-19999 Sqft Lot Size Source Assessor Lot Size Units Square Feet Parking Total 0.00 Pool Features None Pool Private YN No Property Attached YN Yes Roof Composition

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Cooling None Cooling YN No Flooring LaminateTileWood Heating Wall Heater Heating YN Yes Laundry Features Community Levels Two

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Community Features Curbs Country Us Elevation Units Feet Fuel Expense 1160.00 Gross Income 160200.00 Gross Scheduled Income 160200.00 Insurance Expense 1919.00 Land Lease YN No Laundry YN Yes Net Operating Income 126449.00 New Taxes Expense 24195.00 Number Of Separate Electric Meters 6 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 3 Number Of Units Leased 6 Operating Expense 33751.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other San Luis Obispo(380) Tenant Pays Cable TvElectricity Total Actual Rent 12550.00 Total Expenses 33751.00 Trash Expense 2493.00 Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Water Sewer Expense 3984.00 Water Source Public Year Built Source Assessor Zoning R2

    Listing provided courtesy of Clint Nunes of Triad Real Estate Group.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-18T17:29:52.37. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
    Impact Real Estate
    28693 Old Town Front St #300-C
    Temecula CA, 92590