16277 Ashland Ave
San Lorenzo, CA 94580
Pine Grove Apartments · Immeuble residentiel Bien À vendre · 16 Lots

For the first time in thirty years this professionally managed apartment complex is being offered for sale. Rare opportunity to acquire a turn-key collection of sixteen units in Ashland CA. Two separate buildings with eight duplex style units in each building. Seven townhome style units featuring huge +/- 936 SF two bedroom one bath units, eight single story units featuring spacious +/- 825 SF two bed one bath units, and a monster single townhome style unit boasting +/- 1,236 SF three bedroom two bath unit. Each unit comes with its own carport, washer/dryer (in unit laundry room) and large fenced backyard. Currently and consistently 100% occupied, the average tenancy at Pine Grove Apartments is 14.6 years, with seven of the sixteen tenants having over 15 years, and three having over 30 years. As a testament to its desirability, one of the current tenants has resided since 1978. Historically this property has had very high occupancy and very low turnover.
Immediate upside available through the implementation of RUBS for water usage. Future upside available through annual rental increases as the current rents are as low as much as 29% below market. New ownership will also benefit from the recent repairs and capital improvements by ownership (contact LA see list).