The 46th Ave Apartments offer a rare opportunity to purchase a trophy-asset in a supply constrained market, located blocks away from Capitola Village, world-renowned surf destinations, shopping, & high-end dining. Current cap rate of 4.39%, with 6%+ pro forma. The property has undergone a significant exterior renovation, consisting of new paint, new facia replacement, new cedar wood siding, new slurry seal, updated laundry room, & new landscaping. The roof was replaced in 2003 & is in good condition. All windows are dual pane. 4 units have remodeled modern kitchens with shaker cabinets & granite counter tops. There is significant upside in rent potential for the new owner to stabilize income at a higher cap rate. 90% of water bill is billed back to tenants, limiting future increased water expenses and solidifying profit margins. Please reach out to listing agents for a detailed marketing package, due diligence information (rent roll, P&L statements, etc.) & to schedule a tour.
Public Utilities, Individual Electric Meters, Individual Gas Meters
Room Air Conditioner(s), Ceiling Fan
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