320 E St
Brawley, CA 92227
Montecito Apartments · Multifamily Property For Sale · 25 Units

Montecito Apartments in Brawley are located on the corner of E. Street and 3rd one block North of Main Street. The City of Brawley is located in the far southeast corner of the State of California on the lower Colorado Desert approximately ten miles south of the Salton Sea and thirty miles from the Colorado River. Brawley is positioned at the center trade route of a huge regional market (including Los Angeles, San Diego, and Phoenix) of over twenty-five million consumers and is situated 25 miles North of the Mexican border. Government employees are a driving force in the local economy adding to the region's strong employment base. Imperial Valley is also known as one of the most productive agricultural regions on the planet with a 12-month growing season and close proximity to both shipping ports and metro areas. Brawley is a family-oriented community with good schools and 14 beautifully maintained and landscaped parks. Each area surrounding Brawley offers prime recreational opportunities from bird-watching to fishing, hunting, boating, off-roading, and other various outdoor activities. The city of Brawley also features a sizable industrial park and municipal airport. The Montecito Apartments offer an affordable housing complex composed of 25 units and located in a high demand Brawley neighborhood. The complex has 10,616 Sqft which includes 13 parking spaces and a laundry facility built on .42 acres on the corner of E street and 3rd street near the downtown area. There is additional parking for approximately 10+ vehicles on the adjoining .20-acre lot. Two of the parking spaces are covered. The surrounding neighborhood is a mix of single and multi-family, retail and the police station abuts the eastern boundary of the complex. There are currently no vacant units and the overall condition of the complex is fair to good. The roof is flat and may need resealing and new wood facia. The operator has a bid for this work. There is a long-time on-site manager / maintenance man who has lived on-site for many years. The rent levels in the complex range from $425 (studio) $525 (1 bedroom) and $700 (2 bedroom). The rent per square foot ranges from $0.98 to $1.16, which includes sewer and trash. Priced at a 5.87 cap rate with a 55% expense load of $3,014 per unit at $7.09 per square foot, the Montecito Apartments offer a rent growth upside with a current stable occupancy. There are some modest upgrades that can escalate the demand for the units and can insure future rent growth. The Montecito Apartments offer stability, upside and opportunity for entry level and seasoned apartment investors. The subject property is a 25-unit Apartment complex located on the South East corner of E street and 3rd street, 1 block north of Highway 86. The buildings are well maintained and situated on two parcels totaling 0.62 acres (0.42 acres of improvements and 0.20 of parking) The complex is comprised of 5 buildings, a 6 plex, two 7 plexes, a 4 plex, and a 2-bedroom managers unit. One of the units is a 2-bedroom 1 bath 700 sqft and 6 of the units are 1 bedroom and 1 bath 508 sqft and the 18 studios are approximately 365 sqft each. The total building square footage is estimated at 10,616 sqft. The Units are direct metered for electricity and master-metered for water. There is no gas. There are two paved/cement parking areas for at least 23 vehicles and additional parking in front of the studios on North 3rd street. The buildings have flat roofs and may need repair and sealing. The wood facia may also need to be replaced. The Seller has obtained a bid for this work and it is available on the due diligence portal. The Montecito Apartments are a well-established affordable housing complex with a history of high occupancy. Low rents, a pleasant atmosphere, close proximity to schools, shopping, jobs, a police station, and transportation make this a stable investment. The property has an on-site management and maintenance staff and designed to operate smoothly with normal maintenance.