Description

The Royal Apartments feature 48 approximately 365 sq ft studio apartments built between 1963 and 1965 situated on two parcels totaling approximately 45,537 sq ft. The property features 44 parking spaces, a pool, laundry facilities, and consists of two buildings with pitched roofs. One of the units is used as an onsite office, there was a recent large landscaping project completed, many of the tenants are long term, and all tenants are month to month. There is more than 64% upside in the current rents. The units feature a mix of faux wood, vinyl plank, and carpeted flooring and some bathrooms have been remodeled. Large cabinets separate the living and sleeping areas in the units. Routine maintenance has been performed during long term ownership but there is a great opportunity for value add for a new owner. There is assumable financing at 2.84% fixed for 3 more years or buyer to purchase free and clear by paying seller's prepayment penalty.

Features

• 1.05 Acres
• 2 Stories
• Number of Units: 48
• Price Per Unit: 190000
• SqFt of Improvement: 17376