Beaumont, CA 92223 1451 Michigan Avenue
$5,895,000
1 more
Presented By: Brett Bayless with Brett Bayless, Broker; 949-887-2465
Beds • 56
Baths • 2
SQFT • 24,400
Year Built • 1976
Home Details
Beaumont Park is a 33-unit apartment community located in one of the fastest growing cities of Riverside County, Beaumont, CA. The well-appointed asset is situated on a large 2.15-acre lot and provides tenants the benefit of low density living with only 15.3 units per acre, single story construction, and ample parking. The asset features an ideal unit mix of (70%) 2 Bed / 2 Bath units, and (30%) 1 Bed / 1 units, and boasts high occupancy, providing investors an opportunity to enhance yield in the near term with rent increases and recovery of loss-to-lease. Within a 15-, 30-, and 60-minute commute of Beaumont Park, there are approximately 24,500, 275,500, and 1.35 million jobs, respectively. Easy access to jobs provides an increasingly robust tenant base.
Presented By: Brett Bayless with Brett Bayless, Broker; 949-887-2465
Interior Features for 1451 Michigan Avenue
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsNoCommonWalls
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea
Total Stories1
Other Rooms
Entry Level1
General for 1451 Michigan Avenue
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate4.64
Carport Y/NNo
CityBeaumont
Community FeaturesSuburban
CountyRiverside
DirectionsLeft on Michigan from E Oak Vly Pkwy
Electric Expense0.0
Electric On Property Y/NNo
Entry Locationfront
Fuel Expense0.0
Garage Spaces0.0
Garage Y/NNo
Gross Income541524.0
HOANo
HeatingNone
Home Warranty Y/NNo
Insurance Expense51282.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsOne
Listing TermsCashToNewLoan
Lot Size Square Feet93654.0
Lot Size UnitsSquareFeet
MLS Area263 - Banning/Beaumont/Cherry Valley
MobileHomeRemainsYNNo
Net Operating Income273601.0
New ConstructionNo
Number Of Units Total33
Operating Expense250854.0
Pool FeaturesNone
Property Attached Y/NNo
Property Sub Type AdditionalApartment
Property SubtypeApartment
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
SewerUnknown
Spa FeaturesNone
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories1
Subdivision NameNA
Tax Lot0
Taxes$78,417
Trash Expense0.0
ViewMountains
Water Sewer Expense0.0
Waterfront Y/NNo
Year Built1976
Year Built SourcePublicRecords
ZoningR3
Exterior for 1451 Michigan Avenue
Building Area Total24400.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesElevenToFifteenUnitsAcre
Lot Size Acres2.15
Lot Size Area93654.0
Lot Size SourceAssessor
Number of Buildings8
Number of Separate Electric Meters34
Number of Separate Gas Meters34
Number of Separate Water Meters1
Open Parking Y/NNo
Private PoolNo
SpaNo
Total Parking0.0
Water SourcePublic
Additional Details
Price History
Justin Hughey
Price
$5,895,000
MLS#OC24222526
List Date
10/28/2024
Property Type
Multi-Family
Phone
(562) 818-1655
