23285 Ca-243Idyllwild-Pine Cove, CA 92549

Property Details for 23285 Ca-243

Year built

1966

Property size (Sq ft)

2,856 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a stabilized, 5-unit apartment building in Idyllwild-Pine Cove, California. The property, located at 23285 CA-243, boasts 2,856 square feet of net rentable space across a two-story building constructed in 1966 and renovated in 2018. Each of the five units features one bedroom and one bathroom, offering a desirable rental profile. Three units are situated on the ground floor, with the remaining two units and a rooftop patio located on the upper level. The property sits on a 0.15-acre lot and includes ample parking (6 spaces total). Currently operating at 100% occupancy since August 9, 2024, the property generates a strong NOI of $48,056, resulting in a 4.37% cap rate. Individual electric and propane gas meters are installed in each unit, simplifying utility management. Water is billed bi-monthly by the water district and paid by the owner. Recent improvements include a new roof installed in 2023. The property is zoned for multi-family use (APN: 559-157-014) and is offered at $1,100,000 ($220,000 per unit and $385.15 per square foot). Below-market rents present a significant opportunity for future rental income growth. Serious inquiries only. Seller financing may be available.

Location Insight

City

Idyllwild-Pine Cove

County

Riverside

State

California

Latitude

33.7595

Longitude

-116.738

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