PROFESSIONALLY MANAGED/GREAT ACTUAL CAP RATE BASED ON TRAILING 12, this 133 Value-Add "B" type apartment complex with a great unit mix built approximately 2009 on approximately 9.86 acres with the 23 units on the perimeter built to look like single family homes. This complex is being sold by the original Builder . This beautiful property offers a sparkling large re-surfaced swimming pool, basketball court, large recreation room, attached garages with auto openers, washer and dryer hookups in every unit, large square footages, individual water heaters, custom kitchens, and townhouse units and many other amenities. This property is offered below replacement value. There is upside in the rents and room to reduce the expenses to get a higher pro-forma cap rate. The employment based is growing in the area do to the construction of the Coalinga State Hospital, and the Pleasant Valley Prison. Other employers consist of West Hills College, Harris Ranches, Chevron Testing, Paramount, Granite Construction, and many more. According to the management company, the tenants in Echo Canyon Villas have income between $6,000 and $30,000 per month. Also according to the management, Echo Canyon if fully occupied with a Waiting List of Tenants. Some of the Tenants pay RUBS (Ratio Utility Billing System). There is an existing loan with Wells Fargo that is approximately $9.887,051 at 5.01% fixed interest rate until the year 2047. The loan can be paid off with a penalty, or assumed. The Seller stated he may consider carrying a small second T.D.
