$1,400,000
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0.64 Acres Lot
SOLD DATE : 03/15/2021
Key Details
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID DW20220489
Sold Date 03/15/21
HOA Y/N No
Year Built 1955
Lot Size 0.640 Acres
Property Description
Presenting the 6th & Palm Apartments. The property is centrally located in downtown Beaumont, situated on a 0.64 acre lot. The subject property is made up of 8 studios units, 2 one bedroom / one bathroom units and 2 two bedroom / one bathroom units. This property offers over a 7% cap rate at proforma rents. Beaumont is a growing city located in the state of California. With a population of over 43000 people. Beaumont's unemployment rate is lower than the US national average. Excepted future job growth is higher than the US national average of 37.98% at 42.91%. New growth in residential real estate is an indication that people are choosing to move to Beaumont and putting down their money on brand new construction. Beaumont's real estate is, on average, some of the newest in the nation. This property cash flows well and is an excellent property to make the jewel of your portfolio.
BACK ON MARKET. BUYER REFUSED TO PERFORM.
Location
State CA
County Riverside
Area 263 - Banning/Beaumont/Cherry Valley
Zoning C2
Interior
Fireplaces Type None
Fireplace No
Laundry None
Exterior
Pool None
Community Features Suburban
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Total Parking Spaces 16
Private Pool No
Building
Lot Description Corner Lot, Level
Faces North
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 418112011
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Acceptable Financing 1031 Exchange, Submit
Listing Terms 1031 Exchange, Submit
Financing Cash
Special Listing Condition Standard
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Bought with Tony Regazzi • Keller Williams Realty Brea/Fullerton