East Wind Apartments 551 E 11th St 5 Unit Apartment Building $675,000 ($135,000/Unit) 6.32% Cap Rate Hanford, CA 93230

Colliers is pleased to present the exclusive listing of 551 E. 11th Street, a five-unit multifamily asset totaling approximately 4,320 square feet in the heart of Hanford, California. Operating as East Wind Apartments, the property offers a consistent unit configuration of five 2-bedroom, 1-bathroom units, providing broad tenant appeal and simplified management. Given the limited frequency with which small multifamily inventory trades in the Hanford market, this listing represents a rare and attractive acquisition opportunity within Kings County.
Built in 1977, the property has been thoughtfully maintained and is delivered in turnkey condition. Mandatory SB 721 balcony and exterior elevated element inspections have already been completed, with all identified repairs permitted and finished, eliminating a significant compliance and capital item that often burdens incoming owners of properties of this vintage. The roof was replaced in 2017, further reducing near-term capital exposure. An on-site laundry facility, leased through WASH, generates supplemental income with no operational burden on ownership.
While the asset is stabilized and well cared for, current rents are positioned meaningfully below prevailing market rates, presenting a clear value-add opportunity for an incoming investor. As leases naturally turn over, a new owner is well-positioned to mark rents to market and drive both cash flow improvement and asset appreciation over the near term, without the need for significant capital investment. Combined with its uniform unit mix, recent compliance work, and central Hanford location near Adventist Health Hanford and the downtown core, 551 E. 11th Street is an ideal addition to any multifamily portfolio targeting stable income with embedded upside.
The units are individually metered for Southern California Edison and paid by tenant. Landlord pays water, sewer, and trash.