6.1% CAP rate! Below-market rents with imminent upside to market rents in downtown Fortuna. Rents on track to raise from $690 to $800/unit (1 now @$800), $48K annually; market rent per same manager since acquisition. Initial rent increase initiated for 9/1/2021. Single-story building built in 1950; 5 similar units. Separately metered; possible subdivision (investigate with City). Easy parking. Excellent rental history. Low-maintenance, well-maintained, bright, desirable units, interior arches, built-ins, central courtyard, laundry income, new community picnic table. Walk to downtown, middle/high schools, parks, fitness clubs, shops, bus line. Close to freeway, Humboldt State University and the Community College. Needs a new roof. Proforma year is 2022/23. First time on market in 16 yrs.
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