The Mogharebi Group is pleased to announce that it has been retained as the exclusive listing agent for
the sale of Oak Park Townhomes, an 81-unit apartment community located in Tulare, California.
This property provides the right investor an opportunity to acquire a value-add asset in one of the nation’s
hottest submarkets.
OVER 96% OCCUPIED WITH RENTAL UPSIDE
Oak Park Townhomes is over 96% occupied. Based on the current asking rents, there is an in-place loss-to-lease of about 3%, a new owner can raise the rent on existing tenants and recapture the loss-to-lease. Additionally, the current asking rent is approximately $75 per month below market for competitive properties, the right investor can increase asking rent to further enhance yield.
VALUE ADD OPPORTUNITY
There are 60-townhomes that have washer / dryer’s installed. These units receive a $100 per month rental premium over the original floor plans. A new investor can install the remaining washer / dryers and increase rent on the remaining 21-units. The community currently features individual swamp coolers for each unit. Competitive properties with air-conditioning rent for about a $100 premium to a superior tenant base. There is an opportunity to install air conditioning thus increasing rent while improving the tenant base.
UPSIDE WITH IMPROVED MANAGEMENT
There is a non-conforming 1-bed / 1-bath unit with attached garage that is currently unused, this unit can be rented or used for an employee.
HIGH QUALITY ASSET
Built in 1987 and exquisitely maintained, Oak Park Townhomes boasts spacious two-, three- and four-bedroom townhomes. There is also a non-conforming one-bedroom unit with attached garage.
CLOSE PROXIMITY TO JOBS AND SHOPPING
The community is adjacent to Ruan Transportation, K&M Paint & Truck Repair, Village Inn, Grizz’s Gym, and two churches. It is less than 1/2-mile of Land 0’Lakes, Tulare Union High School, and Downtown Tulare. It is within a mile of Tulare’s 10 largest employers who employ a combined total of over 2,900 people.
AMAZING EXPOSURE & ACCESS
Oak Park has great exposure on the 99-Freeway with over 52,500 cars per day, this exposure is presently underutilized. It is a 10-minute drive into Visalia to the north and about 30-minutes into Porterville to the south.
