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59 S Indiana St 16 Unit Apartment Building $2,650,000 ($165,625/Unit) 7.02% Cap Rate Porterville, CA 93257
Investment Highlights
- 17,941 Square Feet of Buildings
- 1.22 Acre Parcel (53,143sf
- Many Renovations in 2013 & 2024
- 23 Covered Carports
- (16) Units / (4) 2 Bed 1 Bath / (3) 3 Bed 1 Bath / (9) 3 Bed 2 Bath
Executive Summary
For Sale 16 Units 4 Buildings 100% Occupied, Many Upgrades.
16) Units
(4) 2 Bed 1 Bath approx. 870 sqft
(3) 3 Bed 1 Bath approx. 1,100 sqft
(9) 3 Bed 2 Bath approx. 1,100 sqft
23 Covered Carports
Built 1977
1.22 Acre Parcel
Unit Size 870—1,100 sf
Net Rentable Area, 17,780 sf
Number of Buildings 2
Value-Add with Rent Increases
Walking Distance to Schools
Close to Shopping Centers, Restaurants, Parks
Located in the heart of Porterville, CA, this apartment complex is close to schools, shopping, public transportation and medical facilities. Property consists of four buildings with mixed unit sizes. Each unit is separately metered with electricity and gas.
16 units with laundry onsite with 23 Covered carport parking spots
3 buildings with new roof and facia boards have been replaced.
All new dual pan windows installed.
All electric sub panels have been replaced.
12 A/C units replaced.
10 water heaters replaced.
Granite countertops installed in all units and kitchen cabinets & bathroom cabinets repaired or replaced.
New ceramic tile floor and base boards installed.
All the bathroom suites replaced.
Copper plumbing and copper wiring throughout.
Interior and Exterior painted.
16) Units
(4) 2 Bed 1 Bath approx. 870 sqft
(3) 3 Bed 1 Bath approx. 1,100 sqft
(9) 3 Bed 2 Bath approx. 1,100 sqft
23 Covered Carports
Built 1977
1.22 Acre Parcel
Unit Size 870—1,100 sf
Net Rentable Area, 17,780 sf
Number of Buildings 2
Value-Add with Rent Increases
Walking Distance to Schools
Close to Shopping Centers, Restaurants, Parks
Located in the heart of Porterville, CA, this apartment complex is close to schools, shopping, public transportation and medical facilities. Property consists of four buildings with mixed unit sizes. Each unit is separately metered with electricity and gas.
16 units with laundry onsite with 23 Covered carport parking spots
3 buildings with new roof and facia boards have been replaced.
All new dual pan windows installed.
All electric sub panels have been replaced.
12 A/C units replaced.
10 water heaters replaced.
Granite countertops installed in all units and kitchen cabinets & bathroom cabinets repaired or replaced.
New ceramic tile floor and base boards installed.
All the bathroom suites replaced.
Copper plumbing and copper wiring throughout.
Interior and Exterior painted.
Property Facts
| Price | $2,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $165,625 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.12 AC |
| Cap Rate | 7.02% | Building Size | 17,941 SF |
| No. Units | 16 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1974/2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $2,650,000 |
| Price Per Unit | $165,625 |
| Sale Type | Investment |
| Cap Rate | 7.02% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.12 AC |
| Building Size | 17,941 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1974/2024 |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Tile Floors
- Kitchen
- Granite Countertops
- Oven
- Range
- Tub/Shower
- Double Pane Windows
- Instant Hot Water
Site Amenities
- Laundry Facilities
- Recycling
- Walking/Biking Trails
- Storage Space
- Public Transportation
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 870 |
| 3+1 | 3 | - | 1,100 |
| 3+2 | 9 | - | 1,100 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 259-112-025-000 | Improvements Assessment | $731,167 |
| Land Assessment | $307,554 | Total Assessment | $1,038,721 |
Property Taxes
Parcel Number
259-112-025-000
Land Assessment
$307,554
Improvements Assessment
$731,167
Total Assessment
$1,038,721
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59 S Indiana St
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