The Basen-Schendel team is proud to present an investment opportunity for the portfolio of two properties consisting of six units on two separate parcels. Each parcel consists of 3 units making it easier for an investor to come into the property with less capital increasing cash on cash returns. The property is fully occupied with long term tenants and low rents. Creating a value add opportunity for any potential investor. 6.33% Cap rate on owner stated utility expenses adjusted for increases in property taxes and insurance based on the new purchase price. With 3,343 units, amounting to 2.4% of the total metro inventory, the Victorville submarket is the second smallest of the sixteen distinct geographic concentrations that form the San Bernardino/Riverside apartment market, larger only than Hemet. In the ten-year period beginning with Q4 2008, there have been no additions to the submarket, and 67 units were removed from the inventory of market rate rentals. The net total loss of 67 apartments equates to an annualized inventory growth rate of -0.2%; by contrast, the annualized growth rate for the metro over the same period was 0.6%.
