Listed by Arriaga Real Estate
$2,399,000
623-627 N Edison St
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 9,016
Units 22
Cap Rate 6.82%
NOI $163,508
Pro-Forma Cap Rate 7.23%
Pro-Forma NOI $173,493
Price per SqFt $266
Year Built 1950 / 1967
Acreage 15100.000
Multifamily | 22 Units | $109,045/unit
Marketing description
Great opportunity to own an investment property close to downtown Stockton with an excellent going-in CAP rate. This 22-unit apartment building consists of 3 two-bedroom units, 11 one-bedroom units, and 8 studios. Property has been completely renovated with over 300K of investment and most units have tile flooring, double pane windows, granite countertops, and new kitchens. Recent improvements include 8 remodeled units, exterior painting, rewired electric panel, new water and sewere lines, new commercial water heater, and roof water proofing. A roof inspection report is available upon request.
Investment highlights
- May 2023 Full property exterior waterproofed, repaired, painted.
- Jan 2023 New 175k BTU commercials water heater and new gas line for water heater for property with permits.
- Jan 2023 627 roof maintenance, new waterproof coating, new Down sprouts, 623 Edison new 35ft section of gutters, Downspouts, Inspection report from roofing company with warranty.
- 12/27/22 Split Edison 5 as new unit from 5A, construction completed with permit.
- 11/14/22 623 Edison electrical panel completely rewired and brought up to code for all enclosures with permit.
- 12/2/21 New Edison wood stairs with permit.
- 5/4/21 40 ft of hot and cold cast iron pipe replaced with new CPVC/PV pipe with permit.
- 9/17/20 110 ft of cast iron sewer line from units to main sewer connection
Listing Contacts
Listed by Arriaga Real Estate
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$163,508.00
$13,625.67/mo
Valuation Metrics
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DSCR
6.82%
Cap Rate
6.82%
ROI
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