16 Beds
16 Baths
8,672 SF
27,677 SF (lot)
8 1-Car GaragesDescription
Enormous upside here. 8 single story units across 2 lots. All Units are 2bd 2ba with attached 1 car garages, 1 uncovered space, inside laundry, patio and yards. Rents are beneath market rate, with long term tenants on month-to-month leases. On-site manager receives $150/mo discount on rent for his unit.
Colonial Square is located in a highly desirable Tulare Outlets adjacent neighborhood and has been held privately for over 16 years. Two adjacent lots of flat grade total 27,677 SF multi family zoned residential surrounded by like-kind development. The property is well maintained with stable rents featuring 16% upside potential. It’s within walking distance of Tulare Outlets shopping and Adventist Health medical center. High visibility on East Merritt Ave is conducive to low vacancy.
Tulare County has seen continued population growth, with trend lines indicating future population increases exceeding 600,000 total individuals.
With stable rents and relatively low cost of capital, Colonial Square provides a cost effective, stable return investment strategy for investors seeking cash flow and long term growth.
| # of Units | Type | Parking | SF | Pro Forma | PF Yearly |
|---|---|---|---|---|---|
| 1 | 2bd 2ba | 1-car garage | 1,084 SF | $1,000 | $12,000 |
| 7 | 2bd 2ba | 1-car garages | 1,084 SF | $1,150 | $13,800 |
| Parking | On-Site | 10 Additional Uncovered Spaces | |||
| Totals | 8 Units | 18 Cars | 8,672 SF | $9,050 | $108,600 |
