Remodeled Four-Unit Multifamily Investment
32989 Weatherly Ln North Fork, CA 93643
32989 Weatherly Ln, North Fork, CA, 93643
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For Sale
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Fully remodeled, 100% occupied four-unit multifamily property on 0.11 acres.
Property Size3,428 SF
Lot Size0.11 Acres
Price / SF$179.40
Days on Market1041
Property Features for 32989 Weatherly Ln
General Information
- Standard status
- Active
- Size
- 3,428 SF
- Lot size
- 0.11 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1976
Listing Agency
C21 Commercial
(559) 359-4035
Listed by
Jared Ennis · License #CA
Source
Crexi
Added: Sep 13, 2023 Checked: Jul 17 at 7:32 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of C21 Commercial
Investment Insights
Based on property information with market context.
This fully remodeled, 100% occupied four-unit multifamily apartment complex is situated on approximately 0.11 acres of land. The property features a single-story building with four separately metered units, totaling approximately 3,428 square feet. Each unit has been fully remodeled and includes fenced patios and private entrances. The units are individually metered for gas and electricity and have access to on-site laundry facilities. Unit A, spanning approximately 1,000 square feet with 2 bedrooms and 1 bathroom, is currently utilized as an AirBnB. Unit B, approximately 1,228 square feet, features 3 bedrooms and 2 bathrooms and is recently leased for 1 year. Unit C, approximately 700 square feet, is a 1-bedroom, 1-bathroom unit, and Unit D, approximately 500 square feet, is also a 1-bedroom, 1-bathroom unit; both are under a 1-year lease. The units are spacious, and the complex offers on-site parking and exterior lighting. The property benefits from low-cost county sewer and water services. It is located within a few miles of restaurants, shops, and North Fork Willow Creek. A value-add opportunity exists by addressing the under-market rent for Unit 1 by renting it to a long-term tenant or increasing the short-term rental dates, and extending lease lengths over the next 6 months where increases are put into place. The property is an investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of units.
Key Highlights
- Fully remodeled, 100% occupied 4‑unit multi‑family property with immediate income.
- Value‑add opportunity to increase income by addressing under‑market rent on Unit A and extending lease lengths, with potential to achieve a stabilized gross annual income of $81,000.
- Strong investment metrics: potential 9.48% CAP rate, 1.7% DCR, and 12.97% cash‑on‑cash return once stabilized.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $58.4k | $17.04 |
| − Vacancy | −$4.4k | −$1.30 |
| EGI | $54.0k | $15.74 |
| − OpEx | −$16.2k | −$4.72 |
| NOI | $37.8k | $11.02 |
3,428 SF · lease $17.04/SF/yr · vacancy 7.60% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$539.7K
$472.3K – $629.7K
NOI $37,782 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$499.6K
$437.1K – $582.8K
NOI $34,969 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,863 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Fully remodeled, 100% occupied four-unit multifamily property on 0.11 acres.
Where is this quadplex 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 remodeled, 100% occupied 4‑unit multi‑family property with immediate income.; Value‑add opportunity to increase income by addressing under‑market rent on Unit A and extending lease lengths, with potential to achieve a stabilized gross annual income of $81,000.; Strong investment metrics: potential 9.48% CAP rate, 1.7% DCR, and 12.97% cash‑on‑cash return once stabilized.
