308-312 10th Street, Fortuna, CA 95540 (MLS# 259693)


$598,000
308-312 10th Street
Fortuna, CA 95540
MLS# 259693



308-312 10th Street, Fortuna, CA 95540
  1 / 20  
308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540 308-312 10th Street, Fortuna, CA 95540

Property Description
6.1% CAP rate! Below-market rents with imminent upside to market rents in downtown Fortuna. Rents on track to raise from $690 to $800/unit (1 now @ $800); $48K/yr market rent per same manager since acquisition. Initial rent increase initiated for 9/1/2021. One single-story building built in 1950 of 5 similar units. Separately metered; possible subdivision (investigate with City). Easy parking. Excellent rental history. Low-maintenance, well-maintained, bright, desirable units, interior arches, built-ins, central courtyard, laundry income, new community picnic table. Walk to downtown, middle/high schools, parks, fitness clubs, shops, bus line. Close to freeway, Humboldt State University and the Community College. Needs a new roof. Proforma year is 2023. First time on market in 16 yrs

Details
Maps
Listing Information
Status: Active
List Date: 2021-07-29
List Price: 598000
Current Price: 598000
Property Description
Type of Property: Commercial
Realtor.com Type: Commercial
Construction Status: Existing
Lot Size: City
Lot Acres: 0.14
Flood Zone: No
Cap Rate: 6
Location, Legal and Taxes
Area: Mid County
House Number: 308-312
Street Name: 10th
Street Suffix: Street
Sub-Area: Fortuna
State: CA
Zip Code: 95540
Cross Street: I St.
APN: 040-211-014
Directions and Remarks
Directions: Take either Main or 12th St. Exits and go to corner of 10th and I ('eye') Sts.
Building Description
Year Built: 1950
Total Baths: 5
# Units: 5
SqFt: 2820
Condition: Good
# of Floors: 1
Income & Expenses
Signage: Yes
Annual Income: 48200
Net Operating Inc: 36150
Rent $: 48000
Annual Expenses: 12050
Square Footages
Total Building SqFt: 2820
Business
Real Estate Included: Available
Property Features
Zoning: Multi-Family; Commercial
Income & Expenses: Financials Available
Existing Use: Other
Location: Corner Lot; Neighborhood; Suburban
Foundation: Slab
Roof: Composition Shingle
Insulation: Dual Pane Window
Parking: 1 - 10 Spaces
Exterior Amenities: Public Trans; Sidewalks
Utilities: Electric; Gas
Heating: Forced Air; Natural Gas
Flooring: Partially Carpeted; Vinyl
Sale Includes: Land & Building
Possession: Negotiable
Financing Terms: Cash; Conventional
Documents: Disclosures-Public

Last Updated: September - 12 - 2021

Based on information from the Humboldt Association of REALTORS® (alternatively, from the Humboldt MS), as of (date the AOR/MLS data was obtained on .) All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be verified by broker for accuracy. Properties may or may not be listed by the office/agent presenting the information. Copyright 2020 (year) Humboldt Association of Realtors®. All rights reserved.

Monday 20th of September 2021 01:32 PM