Huge Turnkey 4-unit 4356sf (over 1000 sf per unit) Townhome Style

1 Reply

Price $1,139,000
Location 2689 Bourbon St, Orange, CA, 92865
Property Details

Unit: 1

  • Current Rent: $1,450
  • Occupied: Yes
  • Bedrooms: 2
  • Bathrooms: 2.0
  • Square Footage:

Unit: 2

  • Current Rent: $1,525
  • Occupied: No
  • Bedrooms: 2
  • Bathrooms: 1.0
  • Square Footage:

Unit: 3

  • Current Rent: $1,675
  • Occupied: No
  • Bedrooms: 2
  • Bathrooms: 2.0
  • Square Footage:

Unit: 4

  • Current Rent: $1,450
  • Occupied: No
  • Bedrooms: 2
  • Bathrooms: 1.0
  • Square Footage:

Lot Size: 8276

2689 N Bourbon St

Orange, CA 92865

6 garages, huge drivveway, private patios and decks. 

1979 Building!

Great long-term tenants with upside potential in rents.

Two separate Townhome buildings for 4 units total!  This is a cashflowing deal in Orange County!

Excellent investment opportunity! Well-maintained and highly-upgraded units, close to freeway and shopping centers. This 4-unit property features 2 buildings, each with 2 two-story townhome-style apartments w/ attached garages. Perfect for an owner-occupant, or investor looking for low-turnover. Great long-term tenants and upside potential in rental income. The 2 BD/2BA units feature a 2 car garage and spacious deck. The 2BD/1.5BA units feature a 1 car garage, and private patio. All units have A/C, and inside laundry, and are individually metered for water, gas, and electric.

https://www.redfin.com/CA/Orange/2689-N-Bourbon-St...

  • Actual Rent: $1,450
  • Total # of Baths: 2
  • Total # of Beds: 2
  • Furnished: Unfurnished
  • Attached Garage: Yes
  • # of Garage Spaces: 2
  • Total Rent: $1,450
  • Total # of Units: 1
    Unit Type 2 Information
  • Actual Rent: $1,525
  • Total # of Baths: 1
  • Total # of Beds: 2
  • Furnished: Unfurnished
  • Attached Garage: Yes
  • # of Garage Spaces: 1
  • Total Rent: $1,525
  • Total # of Units: 1
    Unit Type 3 Information
  • Actual Rent: $1,675
  • Total # of Baths: 2
  • Total # of Beds: 2
  • Furnished: Unfurnished
  • Attached Garage: Yes
  • # of Garage Spaces: 2
  • Total Rent: $1,675
  • Total # of Units: 1
    Unit Type 4 Information
  • Actual Rent: $1,450
  • Total # of Baths: 1
  • Total # of Beds: 2
  • Furnished: Unfurnished
  • Attached Garage: Yes
  • # of Garage Spaces: 1
  • Total Rent: $1,450
  • Total # of Units: 1
    Expenses
  • Trash: $1,380
  • Total: $21,212
  • Insurance: $1,586
  • New Taxes: $14,237
  • Gardener: $1,800
    Multi-Unit Information
  • Net Operating Income: $51,988
  • Average 3 Bed Area Units: Sq. Ft.
  • Average 2 Bed Area Units: Sq. Ft.
  • Average 1 Bed Area Units: Sq. Ft.
  • Sq. Ft.
  • Total Building Area: 4,356
  • Gross Scheduled Income: $73,200
  • Gross Multiplier: 15.56
  • Gross Income: $73,200
  • # Of Leased Units: 4
  • # Of Separate Water Meters: 4
  • # Of Separate Gas Meters: 4
  • # Of Separate Electric Meters: 4
  • # Of Buildings: 2
  • Operating Expense Percent: $28.98

Note. This is a landleasee but it's renewable and is only $305/ mo so the Cashflow is there.

Remodelled Kitchen with granite and backsplashes.  Turnkey property perfect for Owner occupied 'house hack'

Separate outdoor and deck patios for each of the four units.  Perfect for owner occupant or house hacking!

Two separate dwellings each with Two Units for 4 total spacious units

Renovated Kitchens

Remodelled Bathrooms

Two separate buildings Four Townhome Style Retnal Units!

The rents are very low now and market rent is about $1,895 per 2 bedroom especially on a newer remodeled property like this. You could potentially get 5.2 CAP on this by simply raising the rents.

$73,200 current Gross Scheduled Income

15.56 GRM for a turnkey property in OC!

Proforma $88,800 GSI Based on$1800/unit (This is conservative for these units. Market rent is really about $1900/unit)  rents and 12.83 GRM!!!!!

See rentometer https://www.rentometer.com/analysis/2-bed/2689-north-bourbon-street-orange-california-92865/nXIo3ColvgQ

4.49% CAP at .35% expense ratio current.  5.1% CAP PRO FORMA with .35% expense ratio!

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