100% Occupied Multi-Family Apartment Units on Downtown's Main Drag
32989 Weatherly Ln
North Fork, CA 93643
Highlights
- Value Add Upscale 4 Unit Complex | Full 2023 Remodel
- Upside Potential: 9.48% Proforma CAP Rate & $81K In Rents
- 100% Occupied | Rent Ready | Multiple Configurations
- Ample Private Parking On Site | On Site Laundry
- Building Equipped w/ Solar Panels | Minimal LL Costs
- Easy Access To South Fork Bass Lake, & Oakhurst
- Additional Side Parking and Plenty of Street Parking
- (3) Long Term Tenants & (1) Short Term Air BNB
- Great Income History - Proven Track Record
- All Ground Floor Units w/ Rear Private Patios
- Close Proximity to North Fork Willow Creek
Description
Fully Remodeled 100% occupied 4 Unit Multi-Family Apartment complex on ±0.11 Acres of land. Property consists of one single story building with (4) separately-metered units that totals ±3,428 SF. All (4) units have been fully remodeled, & include fenced patios and private entrances, separately metered for gas/electricity, and has access to on-site laundry. Unit #A of ±1,000 SF (2bed/1Bath) is currently used as an AirBnB with Payouts of Sept to Dec '22: $4,466.99 and 2023 YTD: $3,856 = $8,322.99. Unit #B of ±1,228 SF is a 3Bed/2Bath recently leased for 1-year (available 10/1), Unit #C of ±700 SF is a 1Bed/1Bath & Unit #D of ±500 SF is 1Bed/1Bath - both signed a 1-year lease. The units are spacious, there is on-site parking and exterior lighting throughout the complex. Low cost County sewer/water services in place. The property is within a few miles from restaurants, shops, & North Fork Willow Creek.
The value-add opportunity consists of addressing the under-market rent Unit 1 by renting it to a long-term tenant or increasing the short term rental dates, and extending lease lengths over the next 6 months where increases are put into place. Value-add opportunity with actual rents of $62,322.99/year collected plus upside potential. After addressing the slightly under-market rents, the realistic stabilized gross annual income is $$81,000. Unique investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of units. Once stabilized, the deal offers a 9.48% CAP rate, and a 1.7% DCR and a 12.97 cash-on-cash return even at today’s rates!
Located "in the middle of it all," North Fork is the exact geographic center of CA. It's a beautiful community rich in history and tribal culture situated at the confluence of the North Fork of the San Joaquin River and Willow Creek, at an elevation of 2,700'. The town is surrounded by the Sierra National Forest and is a popular destination for outdoor recreation, including hiking, camping, fishing, and skiing. Well located on Weatherly Ln & Minarets Rd (Rd 225), which is the main starting point for the Sierra Vista Scenic Byway, a nearly 100 mile journey through the heart of the Sierra Nevada. Well-travelled mountain town in Madera County, CA with a nearby population of 25,046 and home of the annual Logger's Jamboree. It's roughly 46 miles northeast of Fresno, 41 miles northeast of Madera, and 17 miles southeast of Oakhurst by road. The CDP has a total area of 32.3 square miles, with Willow Creek, North Fork, and South Fork serving as its primary bodies of water.
