CBRE is proud to exclusively present a multifamily opportunity located in the City of Murrieta! Murrieta Seniors Portfolio is a prime Murrieta 55+ offering located just east of the I-215 freeway, within close proximity of downtown Murrieta. The location offers convenient freeway access and is located in a mature, highly desirable, quiet, low-traffic sector of Murrieta, within 1 mile of shopping, restaurants and more.
The area is particularly attractive to seniors, who appreciate its relative affordability. Murrieta offers sunny weather, excellent local healthcare facilities and myriad recreational activities. It is consistently rated a very safe place to live for seniors; a 2015 list of the safest cities in America registered Irvine at #1 and Murrieta at #2.
The area also offers convenient access to the neighboring cities of Temecula, Lake Elsinore and Hemet via the I-215, I-15 and 79 freeways. Access to South Orange County is provided using Highway 74 and Oceanside is accessible within an hour's drive on I-15. This unique offering features 40 individual manufactured homes operated as rentals. This provides an attractive housing alternative to seniors, who may prefer a more traditional home lifestyle without the drawbacks of apartment living or home ownership. The homes are well-maintained and offer significant rental upside for new ownership.
The 41 properties within the portfolio total to ±56,446 rentable square feet with a total land area of ±4.35 Acres. The property offers an excellent mix of two-bedroom/two-bathroom and three-bedroom/ two-bathroom homes averaging 1,411 square feet. The property has historically high occupancy and is generating $55,715 in monthly rental income. There is a rental upside of approximately 20% that can be realized through renovation of the homes to bring them to market rates.
