305 E 3rd St, Tustin, CA 92780

Property Description

This is a 3 unit apartment building selling at true 5 cap when the rest of the market is trading at 4 and half or less. The best part is that all the deferred maintenance is completed. Property features two 2 bedroom 1 bath units with tenants in place paying $1,600 a piece. There is also one 2 bedroom 2 bath unit with a tenant paying $1,800. Two of the three units have received a high end renovation featuring quartz counters, hard surface flooring, new cabinets, new stainless steel appliances and more. Property features a 3 individual garages. All three tenants are on 12 month leases with utilities charged back to the residents. Literally your only expenses on this investment property are taxes, insurance and the gardener. All three leases are on the CA apartment association lease template form. All leases in place through the end of 2015. All new windows and paint completed earlier this year. This is an outstanding cash flow opportunity in a terrific market well positioned for rent growth.