Blue Heron Gardens 6687 Blue Heron Dr

25 Unit Apartment Building $3,550,000 ($142,000/Unit) 5.83% Cap Rate Upper Lake, CA 95485

INVESTMENT HIGHLIGHTS

  • Attractive 25 Unit Apartment Complex in Upper Lake, CA
  • Common Area To Enjoy BBQ's PLUS Across the Street from the Shoreline of Clear Lake for Additional Recreation
  • 5 Separate Buildings- 21 Two BR Townhomes & 4 One BR Flats

EXECUTIVE SUMMARY

Owner has Beautifully maintained Blue Heron Gardens--continuously upgrading during his 25 years of operation. Each of the 25 Units have their own carport w plenty of additional parking. There are 5 buildings on 5 separate legal lots each with their own private balcony-- 3 Fourplexes, one 5 Unit, & one 8 Unit bldg. An added "perk" (in addition to being a quality investment)is that it's in Lake County, CA--known to be an "outdoor paradise." For an investor from out of town, site visits would be something to look forward to! Across the street is the beautiful Clear Lake at over 68 square miles, which is CA's largest freshwater Lake. (Tahoe's larger but shared by NV). Nearby, residents and visitors can enjoy PICTURESQUE views, excellent restaurants, & plentiful parks & trails along with camping, boating, skiing, swimming & kayaking. Clear Lake is known as "The Bass Capital of the West," where famous fishing contests are held frequently. Water birds are plentiful-- including egrets, swans, BLUE HERONS, & pelicans. Bordering Napa County, Lake County is known for vineyards too--with over 9,000 acres planted, and over 30 "world class wineries" to visit. Upper Lake in Lake County is just 30 miles East of Ukiah in Mendocino County, 75 Northeast of Santa Rosa in Sonoma County, 75 miles North of Napa, and 125 miles North of San Francisco & Sacramento.

FINANCIAL SUMMARY (ACTUAL - 2023)

ANNUAL ANNUAL PER SF
Gross Rental Income $338,424 $17.36
Other Income $4,200 $0.22
Vacancy Loss $10,150 $0.52
Effective Gross Income $332,474 $17.05
Taxes $45,000 $2.31
Operating Expenses $80,000 $4.10
Total Expenses $125,000 $6.41
Net Operating Income $207,474 $10.64

PROPERTY FACTS

Price $3,550,000
Price Per Unit $142,000
Sale Type Investment
Cap Rate 5.83%
Sale Condition 1031 Exchange
No. Units 25
Property Type Multifamily
Property Subtype Apartment
Apartment Style Townhome
Building Class B
Lot Size 0.08 AC
Building Size 19,500 SF
Average Occupancy 100%
No. Stories 2
Year Built/Renovated 1992/2023
Parking Ratio 2.56/1,000 SF

UNIT AMENITIES

  • Air Conditioning
  • Balcony
  • Heating
  • Refrigerator
  • Oven
  • Range
  • Double Pane Windows

SITE AMENITIES

  • Courtyard
  • Laundry Facilities
  • Picnic Area

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
2+1.5 21 $1,218 540
1+1 4 $870.50 800

ZONING

Zoning Code R3 (Multi-Family Residential)
  • Listing ID: 34660440

  • Date on Market: 5/20/2024

  • Last Updated:

  • Address: 6687 Blue Heron Dr, Upper Lake, CA 95485