3100 Denver Ave, Merced, CA 95348

Property Description

12 studios (rents now $400 to $450 all going to $450) + 24 1 Bd. Rm. (rents now $420 to $550 all going to $550) + 28 2 BD. Rm. (rents now $525 to $675 all going raised to $650). Has pool (fenced), lndry. rm, storage rm, covered pking & open area (to build more units?) Cost to build new units (including land, soft costs etc) runs between $100,000 to $140,000. Priced at $60,000 & with less than $20,000 / unit in renovation costs you'll have 'like new' units in one of the best geographic locations in Merced. Located within 2 blocks of regional mall & across the street from two of Merced's newest & largest commercial neighborhood centers (Olivewood and Merced Marketplace). Ideal location for college students as property is within close walking distance to shopping (food & clothing), dining, entertainment & adjacent to student bus route. UC Merced has just begun a 4-year 1.3 billion dollar expansion (several thousand new jobs during construction). Student body to grow from 6,600+/-now to over 10,000+ by 2020. At full build-out UC will have 25,000 to 30,000 students. Area has recovered from RE collapse (Gross income up over 10% in past two years and rents are still rising. Overall vacancy rates have dropped from 23+% to below 1%. GRM 8.7 x's