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- LoopNet Team
1551 Montecito Rd
Ramona, CA 92065
Country Gardens · Multifamily Property For Sale
·
40 Units
INVESTMENT HIGHLIGHTS
- Excellent rental market.
PROPERTY FACTS
| No. Units | 40 | Building Size | 36,248 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1984 |
| Building Class | C | Parking Ratio | 1.66/1,000 SF |
| Lot Size | 5.28 AC | ||
| Zoning | R4 | ||
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 5.28 AC |
| Building Size | 36,248 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1984 |
| Parking Ratio | 1.66/1,000 SF |
| Zoning | R4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Fireplace
- Washer/Dryer Hookup
- Heating
- Tile Floors
- Kitchen
- Carpet
- Grill
- Lawn
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Gated
ABOUT 1551 MONTECITO RD , RAMONA, CA 92065
DRAMATIC REDUCTION! Sellers will guarantee 93% of collections for six months. There are 38 legal units; former office space was converted into two non-permitted 2 Bed/1 bath units. Next owner might not have a separate rental office. This asset also has washer/dryer hookups, individual water heaters, central heat and air, fireplaces and interior panel doors in the 38 original units. Gated entry for people and vehicles gives residents peace of mind. Tenants enjoy a sparkling swimming pool and carport parking. Enclosing carports or adding dual pane windows or upgrading kitchens or baths could boost income (projected income reflects a 7% increase). The parcel goes back to Santa Maria Creek. The general plan shows three zones for this lot, one of which is for single family homes. Buyer may want to investigate the possibilities of adding more buildings. Terry Moore, real estate licensee, is a part owner of this asset. Sellers have upgraded many units on turnover. Future repairs and maintenance costs are likely to be less than history. Sewer, fire protection & other are collected via property tax billing. Lenders may require for first year reserves of 12 month principal and interest payment. (Buyer posts that extra money for first year and then gets remainder back after first year.) Inspection will be coordinated upon accepted offer only. No previews. Please do not disturb tenants. Tenants are unaware of the sale of this property. The information contained herein has been obtained from sources believed reliable. ACI does not doubt the accuracy, but we have not verified it and make no guarantee, warranty or representations.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 22 | - | - |
| 3+2 | 18 | - | - |
PROPERTY TAXES
| Parcel Number | 281-100-26 | Improvements Assessment | $2,457,120 |
| Land Assessment | $6,494,592 | Total Assessment | $8,951,712 |
PROPERTY TAXES
