51080 Avenida Mendoza,  La Quinta CA, 92253 (Residential Income)

2,400 sqft
Status: Sold
MLS#: SW15111166
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Last Updated: 12/6/2016 8:39 AM
Description for 51080 Avenida Mendoza La Quinta, CA 92253
This fine apartment is a rare find in the City of La Quinta. Lack of supply and continuous growing demand keep La Quinta apartment's full and rents going up. This offering is a nice clean fourplex, consisting of all 1&1's, in the heart of Old Town. Great location and within walking distance to shopping and schools. Extremely low maintenance & operating expenses because there's no common area electric/gas expenses. Landlord only pays water/trash. Owner has owned it forever and so have the tenants (lived there). Consequently, rents haven't been raised in years but all tenants are on expired month to month tenancies. In Supplements attached, Zillow has appraised market rents at $982 per month (tenant's currently paying $600+/-). At market rents (see Supplements), you can see that this quad performs at a stunning 8.49 Gross Rent Multiplier, a 8.22% Cap, and a 15.70% Cash on Cash Return! MLS Income analysis done at market (not actual) rents. Priced at only $100K per unit, this is priced way under the market for La Quinta.
Price
Sold Price:
$370,000
Sold Date:07/29/2015
Riverside
2,400 (approx)
SW15111166
Closed
Description
This fine apartment is a rare find in the City of La Quinta. Lack of supply and continuous growing demand keep La Quinta apartment's full and rents going up. This offering is a nice clean fourplex, consisting of all 1&1's, in the heart of Old Town. Great location and within walking distance to shopping and schools. Extremely low maintenance & operating expenses because there's no common area electric/gas expenses. Landlord only pays water/trash. Owner has owned it forever and so have the tenants (lived there). Consequently, rents haven't been raised in years but all tenants are on expired month to month tenancies. In Supplements attached, Zillow has appraised market rents at $982 per month (tenant's currently paying $600+/-). At market rents (see Supplements), you can see that this quad performs at a stunning 8.49 Gross Rent Multiplier, a 8.22% Cap, and a 15.70% Cash on Cash Return! MLS Income analysis done at market (not actual) rents. Priced at only $100K per unit, this is priced way under the market for La Quinta.
Listing Information
Property Type: Cluster, Other
0.12 Acres 5,227 sq.ft. 2,400 (approx)
1980
Public Water Service
Sewer Connected
4 Total
Neighborhood
Room Information
Exterior / Lot Features
8 Parking Spaces
None
No Pool
Gutters, Curbs Walk
Financial Considerations
773075004
$2,371
$47,136 Income ,$11,896Expense
Listing Price History

La Quinta Real Estate

La Quinta is located in California. La Quinta, California 92253 has a population of 37,382.

The median household income in La Quinta, California 92253 is $72,099. The median household income for the surrounding county is $57,096 compared to the national median of $53,046. The median age of people living in La Quinta 92253 is 44.8 years.

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Courtesy: Burton Commercial, Inc. Tony Burton
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Information is deemed reliable but is not guaranteed.

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