Palm Royale Apartments
705 Kimball Rd
Red Bluff, CA 96080
Highlights
- 46 units + 1 single family home
- All single story with generous unit layouts
- Well maintained property with low maintenance landscaping
- Electrical panels in every unit replaced last year
- Provides approximately $300,000 in annual net income
Description
The Palm Royale Apartments is a 47-unit vibrant community located within the city of Red Bluff, California. With 22 two bedroom & one bathroom apartments, 24 one bedroom & one bathroom apartments, and 1 three bedroom & three bathroom single family home, this asset offers a diverse mix of multifamily products over 12 single story buildings all on one well-maintained and manicured parcel. Built in 1972, the property has been extensively upgraded and remodeled over the years, most recently with all new electrical panels installed in every unit last year. Bringing in approximately $580,000 in annual gross income, and approximately $300,000 in annual net income, this investment offers a 8.1 Gross Rent Multiplier, a 6.4% cap rate, and is priced at just $100,000 per door.
Property Highlights
Unit Mix:
- 22 two-bedroom, one-bath units
- 24 one-bedroom, one-bath units
- 1 three-bedroom, three-bath single-family home
Upgrades and Maintenance:
- Siding replaced in 1998
- Seamless gutters installed in 2006
- Roofs replaced in 2008 (single-family home roof replaced in 2017)
- Electrical panels for all units replaced in 2023
- Single-family home remodeled in 2009 and HVAC replaced in December 2023
Onsite Amenities:
- Large garage for owner storage
- Laundry facility with 4 washers and 4 dryers, generating approx. $7,600 annually
- Onsite manager’s office for seamless property management
Financial Performance
- Annual Gross Income: ~$580,000 (rent: $573,000; laundry: $7,600)
- Annual Expenses: ~$260,000
- Net Operating Income (NOI): ~$300,000
Key Metrics:
- 6.3% cap rate on stabilized expenses
- 8.1 gross rent multiplier
- priced at $100,000 per door
Occupancy:
Currently 94% occupied, with only 3 units under actively under renovation
Pricing:
Offered at $4,700,000, this is an exceptional opportunity to acquire a stabilized asset with significant cash flow and upside potential.
With its excellent income, thoughtful upgrades, and a proven track record of low vacancy, Palm Royale Apartments is an investor’s dream. Don’t miss this chance to own a well-maintained property in a desirable market.
Ideally located in southern Red Bluff, California in between Metteer Elementary School and Red Bluff Community Center on Kimball Road.
