51080 Avenida Mendoza, La Quinta, CA 92253

Property Description

This fine apartment is a rare find in the City of La Quinta. Lack of supply and continuous growing demand keep La Quinta apartment's full and rents going up. This offering is a nice clean fourplex, consisting of all 1&1's, in the heart of Old Town. Great location and within walking distance to shopping and schools. Extremely low maintenance & operating expenses because there's no common area electric/gas expenses. Landlord only pays water/trash. Owner has owned it forever and so have the tenants (lived there). Consequently, rents haven't been raised in years but all tenants are on expired month to month tenancies. In Supplements attached, Zillow has appraised market rents at $982 per month (tenant's currently paying $600+/-). At market rents (see Supplements), you can see that this quad performs at a stunning 8.49 Gross Rent Multiplier, a 8.22% Cap, and a 15.70% Cash on Cash Return! MLS Income analysis done at market (not actual) rents. 
 
 Priced at only $100K per unit, this is priced way under the market for La Quinta.