655 American Ave, Beaumont, CA 92223

Property Description

*Must be purchased with adjoining parcel. APN#: 419-232-019. MLS#: IV20231883.* Offering An Actual CAP Rate of 5.00% with a ProForma CAP Rate of 5.48%. ProForma CAP Rate is Based on Leveling Off Current Rents. Offering An Actual GRM of 13.79 with a ProForma GRM of 12.82. The Property Was Extensively Renovated. Pride Of Ownership, Absolute Turn Key, Recent Capital Improvements Exceeding $85,000+. Improvements include but are not limited to, Counter Tops, Flooring, Cabinetry, Bathroom Vanities, Wall A/C Units, New Bathroom Faucets, Bathtubs, Sinks, Toilets, Water Heaters, Lighting, Window Frames, Updated Landscaping, Paint, and Doors. Residential Financing Available (Triplex on each Parcel). Rental Comparables Illustrate a 98% Occupancy Area. The Apartment is 100% Occupied With 100% Rent Collections. The American Avenue Apartments are located at 645-655 American Ave. Beaumont, CA. 92223. This 6 unit apartment community is composed of all 2 bedroom, 1 bath units that are approximately 918 sqft. The tenants are awarded with onsite covered parking and a laundry facility. The property sits on .40 acres conveniently located north of the 10 Freeway. The property centralized location offers many advantages, convenient public transportation, close proximity to schools, shopping, and employment. Major employers in the area include San Gorgonio Memorial Hospital, Cabazon Outlets, and Morongo Casino which are within 5-10 miles from the property.