Property Detail

Description

A RARE, FULLY VACANT TWO-RESIDENCE INCOME PROPERTY WITH PROJECTED COMBINED RENT OF APPROXIMATELY $7,390 PER MONTH. No existing tenants, no existing leases, and no waiting for units to become available. The next owner can select tenants, establish rents, and put both residences to work immediately. Offered at $1,195,000 with projected annual gross income of approximately $88,680, the investment calculates to a 13.48 pro forma GRM and an estimated 5.2% pro forma cap rate based on projected rents and expenses. The property combines a substantially renovated 2-bedroom, 2-bath main residence with a permitted, NEW-CONSTRUCTION 1-bedroom, 1-bath ADU with private access and its own outdoor area. The main residence also features a former third bedroom with a closet, now configured as a flexible work, office, den, or podcasting space, an especially useful feature for today's work-from-home lifestyle. Major improvements include plumbing, electrical, HVAC, sewer to ADU, tankless water heater, pool finish, landscaping, gates, driveway, and more. Projected rents are approximately $4,895/month for the main residence and $2,495/month for the ADU. The seller may be willing to install utility submetering as negotiated with the buyer. Additional features include a private swimming pool, multiple outdoor areas, and off-street parking for up to three vehicles. For an investor, this is an opportunity to acquire two improved residences completely vacant and establish a rental program from a clean slate. For an eligible owner-occupant, the property may also offer the opportunity to live in one residence, rent the other, and explore low-down-payment FHA or VA financing, with qualifying ADU income potentially considered by the lender, subject to applicable program requirements. Projected rental income, NOI, GRM, and cap rate are pro forma estimates only and should be independently verified by the buyer and their agent.