32989 Weatherly Ln North Fork, CA 93643
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Four-unit, fully remodeled apartment building.
Property size:
3,428 SFProperty Features for 32989 Weatherly Ln
General Information
- Property type
- Multifamily properties
- Square Feet
- 3,428 SF
- Lot Size
- 4,792 SF
Building Details
- Year Built/Renovated
- 1976/2023
- Buildings
- 1
- Stories
- 1
- Units
- 4
Listing Agency: KW Commercial | Central California Listing Agent: Jared Ennis
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional investment opportunity presents a fully occupied, four-unit apartment building situated in downtown North Fork, California. The property, located at 32989 Weatherly Ln, boasts a total of 3,428 square feet on a 0.11-acre lot (APN: 060-140-025). Built in 1976 and completely renovated in 2023, this single-story building features four separately metered units, each with private entrances and fenced patios. The complex includes on-site laundry facilities and ample parking. Three units are currently leased on one-year terms, while one unit operates as a successful Airbnb, generating significant income. The units are configured as follows: one 2-bedroom, 1-bathroom unit (approximately 1,000 sq ft), one 3-bedroom, 2-bathroom unit (approximately 1,228 sq ft), and two 1-bedroom, 1-bathroom units (approximately 700 sq ft each). The property benefits from low-cost county sewer and water services and is conveniently located near restaurants, shops, and North Fork Willow Creek. The current Net Operating Income (NOI) is $41,904, with a pro-forma NOI of $58,306, representing a value-add opportunity through rent increases and lease term extensions. The asking price is $615,000, translating to $179.40 per square foot and $153,750 per unit. The property is zoned CUM (Commercial, Urban, Median District) and offers a compelling 6.81% cap rate, with a pro-forma cap rate of 9.48%. This presents a unique investment opportunity in a market with strong demand for rental units.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial real estate
Location Insight
- Map
- Local Demand
- City
- North Fork
- County
- Madera
- State
- California
- Longitude
- -119.5092754
- Latitude
- 37.2267303
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FAQs
What type of property is this?
Multifamily property - Four-unit, fully remodeled apartment building.
Where is this multifamily property located?
The property is located at 32989 Weatherly Ln North Fork, CA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Fully renovated 4-unit apartment complex in downtown North Fork, CA.; High upside potential: 9.48% pro forma cap rate and $81,000 in potential annual rent.; 100% occupancy with a mix of long-term and short-term rentals.
