Legal Duplex-2 Bonus Units

Oceanside, CA 92054

Active

$2,000,000 - $2,300,000

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Property Description

• Desirable, South Oceanside Location, West of I-5
• Rooftop Patio with ocean views
• Over 4,000 SF of living space
• Solid current rents with 24% upside
• Steps away from new Freeman Collective retail development
• 1/2 Mile from South Oceanside beach
• Two blocks from 101 Highway

The Vista Rental Homes is a 1991 built house converted to a duplex in the early 2000s, now operating as a 4-unit apartment complex. Consisting of a 5 bed + 4 bath unit estimated at 2,480 rentable SF with a rooftop patio that has gorgeous views of the ocean and south Oceanside, and a 3 bed + 3 bath unit operating as 3 individual unpermitted 1 bed + 1 bath apartment units estimated at 580 SF a unit. There is a patio and common area for these units as well, which provides the tenants with space to relax and socialize.

The property has an estimated combined total of 4,227 SF of rentable living space situated on a 5,633 SF lot. There is a total of 3 washer and dryer hookups throughout the property, one in the two-car garage and the other two located in-unit. The property also has a two-car garage that can be rented out for additional income. The property is zoned RS, which based on preliminary discussions with City of Oceanside, may allow one to build up to 2 free standing ADUs on
the parcel.

There are 3 electric meters, but as of now, the units are not individually metered, and the current owner pays for all utilities including water, electric, trash, and Wi-Fi. There is an average of 29% upside in rents with all tenants being currently month-month. The property has been well maintained and can be rented at market rates with a few upgrades. Held long-term by current ownership, the Vista Rental Homes presents an excellent opportunity for a savvy investor or a large family for an owner occupant investment property. All information deemed reliable but not guaranteed. Buyer to do its own due diligence and satisfy itself.

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Property Details

Property Type

Multifamily

Units

4

SqFt

4,227

Unit Mix

(1) 5+4, (3) 1+1

Year Built

1991

Price

Price/Unit

Price/SF

GRM

Cap Rate

$2,000,000 - $2,300,000

$500,000

$473

16.1

4.06%

Property Location

Oceanside