29867 N 1st AVE, Barstow, CA 92311 (MLS # SW26127673)

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PRICE $550,000 BEDS 0 BATHS 0 HOME SIZE 5,000 sqft LOT SIZE 3.70 ac Request More Info Schedule a Showing

These are very nice units in the growing city of Barstow. Barstow is located 30 miles north of Victorville in the Upper Desert. Barstow's future growth is estimated to double in the near future due to Barstow being the center of the Barstow International Gateway project. This plan includes a 5,000 acre rail & logistics hub led by BNSF Railway. This identified "BIG" facility is designed to streamline freight movement and position Barstow as a regional economic powerhouse. This includes a 9 MILLION SQUARE FOOT WAREHOUSE EMPLOYING 15,000+ NEW JOBS!! Please see details in documents attached. These units are located just north of Route 66 and central Barstow. Public & school bus stops are located in front of these units. Skyline Elementary is minutes walking distance away. The Walmart Superstore is just minutes away for shopping convenience. These units are just across the street from the San Bernardino County Welfare & Social Security offices, making it easy for tenants to get their checks! This complex consists of 7 units that includes front and rear buildings. The front building is a freestanding house, consisting of 3 bedrooms & 1 bath. The rear building contains six units, consisting of 1 bedroom's & 1 bath's each, side by side to each other. As you can see in the pictures, all units have tile flooring, wall heating, and window air conditioning. All units are separately metered with gas & electric which tenants sign up and pay for. Landlord's only operating expenses are water and trash. The income and expenses are LOCATED IN SUPPLEMENTS in the MARKET PACKAGE ATTACHED. THIS COMPLEX REALLY PERFORMS!!! At actual rents, we're putting out $84,780 annual gross income, a 6.49 Gross Rent Multiplier, a 11.19% Cap Rate, and a 26.06% Cash on Cash Return. Please note that after remodeling, the seller has intentionally left four units vacant to allow the buyer to bring in market rents and avoid rent control. For estimated rents for the vacant units, I used nearby RENT COMPS that are LOCATED IN SUPPLEMENTS in the MARKETING PACKAGE ATTACHED. At market rents, we're putting out $102,720 annual gross income, a 5.35 Gross Rent Multiplier, an unheard of 16.03% Cap Rate, and an eye opening 42.53% Cash on Cash Return!!! YOU CAN SEE THE DETAILS OF THIS IN SUPPLEMENTS IN THE MARKETING PACKAGE ATTACHED. Finally, please note that this offering IS LOCATED ON 3.7 ACRES. SO THERE'S HUGE ROOM TO ADD ON A LOT OF UNITS!!!!!