23 Apartment Units for Sale

[Amir B.]

Hello BP Community,

I wanted some feedback on this complex for sale near my home. I was wondering if this is a good deal and or price. Property Class: C

Multifamily Property For Sale

Gregory Arms Apartments

615 Travis Boulevard, Fairfield, CA 94533

Price: $2,990,000
No. Units: 23
Building Size: 16,333 SF
Price/Unit: $130,000
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
Property Use Type: Investment
Cap Rate: 5.15%
Gross Rent Multiplier: 11.80
No. Stories: 2
Year Built: 1960
Last Verified: 3/28/2016
Listing ID: 19705647

Description

Guillon Real Estate Group is pleased to present a rare Fairfield multi-family investment opportunity. Built in 1960, the improvements consist of fourteen 1x1 units and nine 2x1 units, one of which is a tastefully updated SFR, for a total of 16,333 RSF situated on approximately three quarters of an acre.

The Gregory Arms Apartments offers a great place to live for tenants and all the desired amenities. Each unit comes with a fully equipped kitchen, gas wall heaters, wall mounted AC units, large bedrooms and living area, and plenty of on-site parking. There is an on-site coin operated laundry (owned) room. The property is separately metered for gas and electricity. The owner just replaced one of two hot water heaters serving the building.

Source: Craigslist

Any feedback would be very helpful.

Thank you.