Investment Overview

Marcus & Millichap is pleased to present 19 units located at 2691 Olive Avenue in Atwater, CA. The property was built in approximately 1980 and features (6) two-bedroom/one-bathroom, (12) three-bedroom/one-bathroom and (1) four bedrooms/two-bathroom house. The Units are single-story with large enclosed patios, attached garage and washer and dryer hookups in each unit. The property consists of (9) duplexes on the same APN. The property is separately metered for gas and electric. Subject property is located off Highway 99 with easy access on and off the highway. The units attract tenants because of the large units (average 1,333 square feet), attached garage and the large enclosed patios. This is a true value-add deal with the current rents approximately 28% below market. The property is to many schools: Aileen Colburn Elementary (0.6 miles), Mitchell Senior Elementary (1.4 miles) and Atwater High School (2 miles). The units are very dated and will need to be renovated to increase cashflow. Priced at a 5.73% Cap Rate and 7.94 GRM on current operations, this property offers a true-value deal to renovate the interiors on turnover and increase rents. The property is mismanaged and gives an investor a great opportunity to increase cash flow in a very strong rental area.