PRE Properties | 721 Erickson Ave
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PRE Properties 721 Erickson Ave
5 Unit Apartment Building $645,000 ($129,000/Unit) 8.35% Cap Rate Modesto, CA 95351
INVESTMENT HIGHLIGHTS
- 5 affordable units, never vacant
- all units share large covered front patio, parking for 10 vehicles
- Each 1 Bd 1Bth Unit has living room, kitchen/dining, laundry area and private back patio
EXECUTIVE SUMMARY
Great Investment Opportunity and Cash Flow.
All units are rented month to month and are expecting rent increase's
Tenants pay all utilities ex. water and garbage (approx $270./mo)
Property has rock driveway, newer roof, fencing and septic system
Cash Buyer discount
All units are rented month to month and are expecting rent increase's
Tenants pay all utilities ex. water and garbage (approx $270./mo)
Property has rock driveway, newer roof, fencing and septic system
Cash Buyer discount
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$52,440
|
$23.84
|
| Taxes |
$8,092
|
$3.68
|
| Operating Expenses |
$3,276
|
$1.49
|
| Total Expenses |
$11,368
|
$5.17
|
| Net Operating Income |
$41,072
|
$18.67
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $52,440 |
| Annual Per SF | $23.84 |
| Taxes | |
|---|---|
| Annual | $8,092 |
| Annual Per SF | $3.68 |
| Operating Expenses | |
|---|---|
| Annual | $3,276 |
| Annual Per SF | $1.49 |
| Total Expenses | |
|---|---|
| Annual | $11,368 |
| Annual Per SF | $5.17 |
| Net Operating Income | |
|---|---|
| Annual | $41,072 |
| Annual Per SF | $18.67 |
PROPERTY FACTS
| Price | $645,000 | Apartment Style | Low Rise |
| Price Per Unit | $129,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 8.35% | Building Size | 2,200 SF |
| Gross Rent Multiplier | 14.2 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1957/2017 |
| Property Subtype | Apartment | Parking Ratio | 4.55/1,000 SF |
| Price | $645,000 |
| Price Per Unit | $129,000 |
| Sale Type | Investment |
| Cap Rate | 8.35% |
| Gross Rent Multiplier | 14.2 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 2,200 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1957/2017 |
| Parking Ratio | 4.55/1,000 SF |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Oven
- Tub/Shower
- Double Pane Windows
- Patio
- Porch
- Window Coverings
SITE AMENITIES
- Trash Pickup - Curbside
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
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PROPERTY TAXES
| Parcel Number | 038-11-22 | Total Assessment | $420,992 (2024) |
| Land Assessment | $46,648 (2024) | Annual Taxes | $8,092 ($3.68/SF) |
| Improvements Assessment | $374,344 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
038-11-22
Land Assessment
$46,648 (2024)
Improvements Assessment
$374,344 (2024)
Total Assessment
$420,992 (2024)
Annual Taxes
$8,092 ($3.68/SF)
Tax Year
2023
ZONING
| Zoning Code | R-3 (High-Density Residential) |
| R-3 (High-Density Residential) |
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PRE Properties | 721 Erickson Ave
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