1830 Bell Street is a rare opportunity to acquire a well-kept, value-add multifamily complex located in the Arden-Arcade submarket. The subject property provides nearly 19,275 square feet of rentable living space located on a 0.86 acre lot. The apartment complex consists of a one large two-story building on a very spacious lot. The property was built in 1965 with t1-11 siding. Each of the units are larger than most apartment units built in the area, as it features 800 square foot 1-bedroom/1-bathroom units and 1,000 square foot 2-bedroom/2-bathroom units. The interiors have been well maintained and some have been remodeled throughout the last five years. Almost every unit has a back patio / balcony, plenty of storage space and ideal space for a stackable washer / dryer. The building’s amenities include an outdoor pool and barbecue station, plenty of parking spaces and an onsite manager’s office. The property has been outfitted with new dual-paned windows that provide a finished look while helping to reduce the residents’ utility costs.
The unit mix consists of seventeen 1-bedroom/1-bathroom apartment units that vary in size and layout and six, 2-bedroom/2-bathroom units that mirror each other. The building has wall heat and air conditioning in each unit and is metered separately for gas and electricity which is paid by the resident, while the owner pays for sewer, water, garbage, and common area lighting costs. A portion of these costs could be billed to the residents through a Ratio Utility Billing System (RUBS) which is becoming more common in California.
This is a true value-add property in a thriving submarket. The ability to reduce expenses, raise rents over time and add washer/dryers in the units make this a very good long term or short-term purchase.
