2231 Mentone Blvd 2229, 2231, Mentone, CA 92359

Property Description

We have six units managed by the same company for 7 years, all but one are long term tenants with strong rent rolls. Rents could stand a 10.000% increase this year regarding rent cap law. We have had no major repair issues reported in the last few years. The rental income would support a loan with a gross rents at about 78K a year and features and incredible buildable plane into the near future. Actual cost and accounting available. This property and current income at about 7k per month, we also find real value is based on it's location on Mentone Blvd and shared property lines with other owner developers. Our engineer believes we can build 27 units at this location, access to sewer is about a block away, the county will not issue any septic at the time of investigation but it's only a matter of time before we have a sewer connection at the street and the ability to build without having to tap in down the block. The prospectus on the build would be approximately 27 One thousand square foot two bedroom apartments which should bring $1,500.00 a month at $40,500.00 gross monthly revenues. We estimate the construction to be about $174.00 per square foot or $4.6 Million dollars. This location is a main road connection with incredible future possibilities.