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    32986 Blackwell

    Lake Elsinore, CA 92530
    • $2,250,000
    • STATUS: Active
    • ON SITE: 203 days
    • ID#: CV20071584
    UPDATED: 205 min ago
    $2,250,000
    • 0
      BEDS
    • 0.62
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 9,700
      SQFT
    • $232
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1960
    County:

    School Ratings & Info

    Description

    We are pleased to exclusively present Grand Blackwell Apartments, a 22-unit, single-story apartment community located in the City of Lake Elsinore, California. Walking distance of less than a block to Perret Park & the Lake, the buildings are situated on combined lot area of .62 acres and is comprised of twenty-one, studio/one-bathroom units and a large one, three-bedroom/two-bathroom unit plus an office. In recent years, the property has undergone renovation work on the interior, exterior, and common areas including but not limited to: block wall & vinyl fencing, tile flooring in all units, updated kitchens & bathrooms, paint throughout the property, A/C, and new water heaters. The astute investor has the ability own a well located, value-add opportunity that presents the potential to significantly increase cashflow within a relatively short period of time. The investment appeal of this asset is driven by the property+GGs current value-add component through hands-on management and leveling rents to market. Investment Highlights: *Single Story Construction for All Units *Walking Distance to Perret Park & Lake Elsinore *7.61% Cash-on-Cash Return on Actual Numbers *On-Site Laundry (Machines Owned) & Storage Units for Additional Income *Tile Flooring in all Units with Updated Kitchens & Restrooms *Individually Metered for Electricity *Improvements Include: New A/C, Water Heaters, Block Wall & Vinyl Fencing, and Paint throughout the Property

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-10-31T00:32:35.807. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.

    www.therealestategirl.com/homes/104947858
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    32986 Blackwell Lake Elsinore, CA 92530

    • Price: $2,250,000
    • Status: Active
    • Updated: 205 min ago
    • ID#: CV20071584
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.62
    Acres
    9,700
    SQFT
    $232
    $/SQFT
    1960
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Riverside
    Area:
    699 - Not Defined
    Property Description
    We are pleased to exclusively present Grand Blackwell Apartments, a 22-unit, single-story apartment community located in the City of Lake Elsinore, California. Walking distance of less than a block to Perret Park & the Lake, the buildings are situated on combined lot area of .62 acres and is comprised of twenty-one, studio/one-bathroom units and a large one, three-bedroom/two-bathroom unit plus an office. In recent years, the property has undergone renovation work on the interior, exterior, and common areas including but not limited to: block wall & vinyl fencing, tile flooring in all units, updated kitchens & bathrooms, paint throughout the property, A/C, and new water heaters. The astute investor has the ability own a well located, value-add opportunity that presents the potential to significantly increase cashflow within a relatively short period of time. The investment appeal of this asset is driven by the property+GGs current value-add component through hands-on management and leveling rents to market. Investment Highlights: *Single Story Construction for All Units *Walking Distance to Perret Park & Lake Elsinore *7.61% Cash-on-Cash Return on Actual Numbers *On-Site Laundry (Machines Owned) & Storage Units for Additional Income *Tile Flooring in all Units with Updated Kitchens & Restrooms *Individually Metered for Electricity *Improvements Include: New A/C, Water Heaters, Block Wall & Vinyl Fencing, and Paint throughout the Property
    Exterior Features

    Garage Spaces 0.00 Lot Features 36-40 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 0.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Common AreaCommunity Levels One

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 6.15 Community Features CurbsGuttersLakeParkWatersportsSidewalks Country Us Electric Expense 1170.00 Elevation Units Feet Fuel Expense 1027.00 Gardener Expense 847.00 Gross Income 211788.00 Gross Scheduled Income 211788.00 Insurance Expense 3777.00 Land Lease YN No Laundry YN Yes Maintenance Expense 8931.00 Net Operating Income 138330.00 New Construction YN No New Taxes Expense 22948.00 Number Of Separate Electric Meters 22 Number Of Separate Gas Meters 3 Number Of Separate Water Meters 2 Operating Expense 67253.00 Pest Control Expense 1840.00 Professional Management Expense 8021.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays Electricity Total Expenses 67253.00 Trash Expense 3106.00 Water Sewer Expense 15586.00 Water Source Public Year Built Source Estimated

    Listing provided courtesy of Sean Hwangbo of Realty One Group West


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-10-31T00:32:35.807. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.

     
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