24 bedroom house for sale

Overview

This 12-unit complex features spacious two-bedroom, one-and-a-half-bathroom townhome-style apartments, all with central HVAC, covered and uncovered parking, and an on-site laundry room

Discover an exceptional investment opportunity at 1725-1735 West North Bear Creek Drive, Merced, CA. This 12-unit complex features spacious two-bedroom, one-and-a-half-bathroom townhome-style apartments, all with central HVAC, covered and uncovered parking, and an on-site laundry room. With units currently below market rent, this property offers significant value-added potential. Proforma projections show an annually increasing cap rate from the current 6.23% to 7.07% (Year 1), 7.84% (Year 2), and 8.03% (Year 3 - Market Rent). Merced's growing demand for quality rental housing suggests a steady stream of potential tenants, providing the potential for reliable rental income and low vacancy rates. Located in the heart of Merced, CA, the apartment complex at 1725-1735 West North Bear Creek Drive is situated in the Merced City Elementary School District, appealing to families seeking quality education for their children. The surrounding area is bustling with retail and dining options around 16th St., including Costco, Starbucks, In-N-Out Burger, Taco Bell, Popeyes, Family Dollar, and Grocery Outlet. Banking services are conveniently nearby with Bank of America, Citibank, and Westamerica Bank. The property is well-connected to major transportation routes like Interstate 99.