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Fairway Apartments 83298-83420 Argus Ave 36 Unit Apartment Building $600,000 ($16,667/Unit) Trona, CA 93562
Investment Highlights
- Section 8 potential
- Cash Flow Potential
- New Roofs On Two Buildings
- Stabilize and Re-sell or Hold
- Building One Almost Completed
- Individually Metered
Executive Summary
(36 units /36Beds/36Baths/Each Unit is 500sqft 1B1B) First building's units are almost ready for lease they need, units in the first row need minimal work. First 2 units are already completed. One unit is 4 bedrooms; located in Building 2. Multi-family commercial/residential complex for sale. After Construction, the property may be rented via Section 8 Government Housing. Section 8 currently pays about $1,000 for each unit. The property consists of four separate apartment buildings with an equal number of units in each all configured as one bedroom one bathroom units totaling approximately 22000 square feet of living area on an expansive three acre lot. Utilities including gas water and electric are present and the property features separate laundry room structures. Two of the four buildings have recently received new roofs and one unit in the first building has been fully completed while the remaining units are ready for renovation. The entire complex is currently vacant and offers significant upside potential with projected rents of $1000-$1,200 per unit upon completion as Trona continues to grow and much of the surrounding real estate is being actively rehabilitated creating strong future demand and long term upside. There is already a successful apartment complex with over 50 units in Trona known as the Searles Valley Apartments. They currently have a large waiting list, which suggests tenants are already waiting to move in!
Property Facts
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Laundry Service
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 35 | - | 500 |
| 4+1 | 1 | - | 900 |
1 1
Not walkable
10/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 0485-205-01 | Improvements Assessment | $165,612 |
| Land Assessment | $54,121 | Total Assessment | $219,733 |
Property Taxes
Parcel Number
0485-205-01
Land Assessment
$54,121
Improvements Assessment
$165,612
Total Assessment
$219,733
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Fairway Apartments | 83298-83420 Argus Ave
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