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Multifamily

Court of Fountains

502 N Mercey Springs Rd, Los Banos, CA 93635

Listing Price: $6,900,000

Cap Rate
3.81%
Number of Units
33
Occupancy
97.0%
Price/Unit
$209,091

Investment Overview

Built in 2010 as condominiums, Court of Fountains is a unique, 33-unit townhome apartment community situated on North Mercy Springs Road in Los Banos, California. Court of Fountains is a full-featured apartment complex with high visibility from a busy commuter corridor. The property is just east of State Route 152 and less than 10 minutes from the Interstate 5 freeway. Situated on approximately 2.20 acres in a private park-like setting, there are nine two-story buildings and a one-story clubhouse. This apartment community consists of a desirable unit mix of very large two and three-bedroom townhouse-style units averaging approximately 1,200 square feet. Residents enjoy a great value and attractive amenities in addition to large, well­-appointed units. This complex offers a full amenity package including full-electric kitchens with dishwashers, microwaves, ranges and refrigerators, wood cabinets and flooring, a laundry room with a washer and dryer, private patios and fireplaces in the living room. The two-bedroom units all have balconies as well. Common area amenities include a swimming pool and spa, clubhouse, ample parking with direct access garages and open parking spaces. The property was originally built as 34 separate units with condominium map, and each unit with an individual tax identification number. One of the units was sold leaving the remaining complex as 33 units. Court of Fountains is an excellent opportunity to purchase a unique townhome apartment complex with very large floor plans in one of central California's charming cities.

Investment Highlights

  • Attractive, Real 6.59 Percent + ProForma Cap Rate with Loss-to-Lease of 25 Percent + (Newest Unit Rented in Line with Proforma Rents)
  • Very Large Two and Three-Bedroom Townhouse-style Units Averaging Approximately 1,200 Square Feet
  • Built in 2010, Court of Fountains is Exempt from AB-1482 State-Wide Rent Control/Just Cause Until 2025
  • Full Amenity Package including Full-Electric Kitchens with Dishwashers, Ranges and Refrigerators, Wood Cabinets and Flooring, Laundry Room with a Washer and Dryer, Private Patios, and Fireplaces

Exclusively Listed By

Multifamily

Court of Fountains

Listing Price: $6,900,000

Cap Rate
3.81%
Number of Units
33
Occupancy
97.0%
Price/Unit
$209,091

Investment Highlights

  • Attractive, Real 6.59 Percent + ProForma Cap Rate with Loss-to-Lease of 25 Percent + (Newest Unit Rented in Line with Proforma Rents)
  • Very Large Two and Three-Bedroom Townhouse-style Units Averaging Approximately 1,200 Square Feet
  • Built in 2010, Court of Fountains is Exempt from AB-1482 State-Wide Rent Control/Just Cause Until 2025
  • Full Amenity Package including Full-Electric Kitchens with Dishwashers, Ranges and Refrigerators, Wood Cabinets and Flooring, Laundry Room with a Washer and Dryer, Private Patios, and Fireplaces

Investment Overview

Built in 2010 as condominiums, Court of Fountains is a unique, 33-unit townhome apartment community situated on North Mercy Springs Road in Los Banos, California. Court of Fountains is a full-featured apartment complex with high visibility from a busy commuter corridor. The property is just east of State Route 152 and less than 10 minutes from the Interstate 5 freeway. Situated on approximately 2.20 acres in a private park-like setting, there are nine two-story buildings and a one-story clubhouse. This apartment community consists of a desirable unit mix of very large two and three-bedroom townhouse-style units averaging approximately 1,200 square feet. Residents enjoy a great value and attractive amenities in addition to large, well­-appointed units. This complex offers a full amenity package including full-electric kitchens with dishwashers, microwaves, ranges and refrigerators, wood cabinets and flooring, a laundry room with a washer and dryer, private patios and fireplaces in the living room. The two-bedroom units all have balconies as well. Common area amenities include a swimming pool and spa, clubhouse, ample parking with direct access garages and open parking spaces. The property was originally built as 34 separate units with condominium map, and each unit with an individual tax identification number. One of the units was sold leaving the remaining complex as 33 units. Court of Fountains is an excellent opportunity to purchase a unique townhome apartment complex with very large floor plans in one of central California's charming cities.

Exclusively Listed By

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