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308 10th Street, Fortuna, CA 95540

$650,000
Square Footage: 2,820 Lot Size (sq. ft.): 6,098 Status: Active
Current Price: $650,000 List Date: 11/16/2021 Last Modified: 11/18/2021

Description

Downtown Fortuna 5-Plex. New comp roof installed November 2021. CAP rate 6% ($800/unit) to 7% ($900/unit). Below-market rents with imminent upside to market rents at $900/unit (1 now @$800), $54K annually. Single-story building built in 1950; 5 similar units, same PM Company since acquisition. Separately metered; possible condo conversion (investigate with City). Easy parking. Excellent rental history. Low-maintenance, well-maintained, bright, desirable units, interior arches, built-ins, central courtyard with new community picnic table, extra laundry income. Walk to downtown, middle/high schools, parks, fitness clubs, shops, bus line. Close to freeway, Humboldt State University and the Community College. Incredible investment opportunity with potential to add value.

More Information MLS# 259731

Listing Information

Status: Active List Date: 2021-08-03 List Price: $650,000 Current Price: $650,000

Property Description

Type of Property: Multi-Family Realtor.com Type: Multi Family Style: 5-10 Units Garage Type: None Lot Size: City Lot Dimensions: 60x100 Lot Acres: 0.14 Appearance: Good

Building Description

Main House SqFt: 2820 Total Units: 5 Year Built: 1950

Location, Legal and Taxes

Area: Mid County House Number: 308 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 the Main Street exit and go right on 10th to the corner of I ('eye') street. Or, take the 12th Street exit, go left at I ('eye') street and park at the corner of 10th.

Schools

Middle School: Fortuna High School: Arcata

RV Parking

Room for RV Parking: Yes

Miscellaneous

Sidewalk: Yes

Total Units By Type

# 1 Bedroom Units: 5 # Full Baths: 5 # of Heating Units: 5 # of Ranges: 5 # of Refrigerators: 5 # of Water Heaters: 2 GRM: 12 Annual Gross Income: 48200 Annual Expenses: 12050

Property Features

Zoning: Multi-Family; Commercial Possession: Negotiable Levels: One Story Parking: 1 - 10 Spaces Kitchen: Elec; Hood; Range; Refrig Living: Large Foundation: Slab Laundry: Coin Op; Dryer; Shared; Washer Roof: Composition Shingle Insulation: Dual Pane Window Heating: Forced Air; Natural Gas Water: Public Sewer: Public Lot Description: Corner; Flat; In Town; Near Public Trans; Near Shopping Road: Public Exterior Amenities: Patio Utilities: Electric; Natural Gas; Separately Metered Flooring: Carpeted; Vinyl Financing Terms: Cash; Conventional; Exchange Documents: Disclosures-Public; Prelim Title-Public
Last Updated: November - 18 - 2021
308 10th Street, Fortuna, CA 95540- MLS# 259731
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.