Property Detail

Description

A well-established, multi-family apartment building in an established residential neighborhood walking distance to Santa Paula's historic district. The apartment complex offers stability for an investor, ideal for investors seeking durable cash flow in a supply-constrained Ventura County market. All 10 units are desirable 2 bedroom + 1 bathroom configurations with a strong history of full occupancy. Two of the units have been upgraded and are achieving $2,200 in monthly rent providing a blueprint for an investor willing to capitalize on the upside. A community laundry room provides additional income and could be expanded by adding more machines. Each unit has a covered parking space. Low maintenance landscaping. Santa Paula currently does not have any additional rent control laws beyond what the State requires. Historic downtown Santa Paula, is only a short walk from the subject property. Downtown Santa Paula boasts numerous restaurants, retail, services, museums and entertainment destinations. The property is served by excellent access to the 150 highway and 126 freeway. Many of Santa Paula's fine schools, parks and sports fields are close by. The City of Santa Paula, and Ventura County overall, continue to be in short supply of housing. The difficulty in permitting new projects throughout Ventura County and financing those developments means existing assets with remodel potential are in higher demand.