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1776 W Olive Ave
Porterville, CA 93257
Highland Knolls · Multifamily Property For Sale
·
43 Units
PROPERTY FACTS
| No. Units | 43 | Lot Size | 2.15 AC |
| Property Type | Multifamily | Building Size | 48,000 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1974 |
| Building Class | C | Parking Ratio | 1.1/1,000 SF |
| Zoning | RM3 - Mixed Housing Type Residential Zone | ||
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.15 AC |
| Building Size | 48,000 SF |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 1.1/1,000 SF |
| Zoning | RM3 - Mixed Housing Type Residential Zone |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
SITE AMENITIES
- Laundry Facilities
- Pool
ABOUT 1776 W OLIVE AVE , PORTERVILLE, CA 93257
Marcus & Millichap is pleased to present Highland Knolls, a 43-unit apartment community located at 1776 West Olive Avenue in Porterville, California. Porterville is located in Central California’s Tulare County, one of the nation’s top agricultural producers, and is a majority-renter market with a population growth rate that outpaces the national average. Highland Knolls comprises 43 units across six buildings on a large 2.15-acre lot. The buildings offer a strong unit mix consisting of 36 two-bed/one-bath units that average 846 square feet and seven three-bed/two-bath units that average 1,048 square feet. The property also features a competitive amenities package that includes a pool, jacuzzi, balconies/patios, central air conditioning, on-site laundry and ample on-site parking. Recent improvements include resurfacing of the parking lot, new fencing, new exterior paint, redone upper walkways, and new flooring and A/C in some units. Current vacancy is high, presenting an opportunity for a new investor to add value and reposition the asset through improved management, unit interior upgrades, and improvements such as amenitizing the underutilized common patio area.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 36 | - | 876 |
| 3+2 | 7 | - | 1,056 - 1,750 |
PROPERTY TAXES
| Parcel Number | 245-150-030-000 | Improvements Assessment | $2,787,680 |
| Land Assessment | $682,696 | Total Assessment | $3,470,376 |
PROPERTY TAXES
