OPPORTUNITY DESCRIPTION-The Mogharebi Group is pleased to announce that it has been retained as the exclusive listing agent for the sale of Rio Vista Apartments, a 40-unit apartment community located in Bakersfield, California. This property provides the right investor an opportunity to acquire a value-add asset in one of the nation’s hottest submarkets.
Built in 1967, Rio Vista is a 40-unit garden-style apartment community located in Bakersfield’s established South sub-market. Improvements consist of four two-story buildings constructed of wood-framed and stucco exterior. Roofs are a flat, rolled composition with a shingle mansard. Heating and air conditioning units are roof-mounted. Heating is provided by natural gas.
Rio Vista features 40 two-bedroom / one-bathroom units measuring 807 square feet each. Total building square footage is 35,080 square feet. Utilities are individually metered electric and natural gas for each unit. Owner pays water, gas for the hot water heaters for all units and electricity for laundry and grounds.
Community amenities include: a sparkling pool with sundeck and barbeque area with four charcoal barbeques for the tenants use. There are two separate laundry rooms. A 10-year lease was entered into with Web Service Company, LLC on November 20, 2007. Laundry rooms consist of six washers and six dryers.
Parking consists of 45 parking spaces with carports, 6 uncovered parking spaces and 1 handicapped parking space. Each kitchen comes fully equipped with an electric range / oven combination, ceramic tile or formica countertops, refrigerator and standard wood cabinets. Some units have dishwashers and garbage disposals.
Recently completed capital improvements include: new flat roof completed in April 2008 (Crespo Roofing, Inc.), new air conditioners completed in April 2008 (Metz Air Control Inc.), new parapet roof completed in June 2008 (Crespo Roofing, Inc.), repair of staircase railings and second floor railings - 2010, exterior painting - 2011, main line repairs - 2010 to 2013, new fencing - 2011, 2 water heaters - May 2011, pool repairs - 2010, parking lot repairs and resealing
(Blackstone Asphalt) -November 2013.
