6087 Blue Heron Dr, Upper Lake, CA 95485

Property Details for 6087 Blue Heron Dr

Year built

1992

Lot size

1.50 lot acres

Property type

Apartment buildings

Description

This exceptional 25-unit apartment complex presents a compelling investment opportunity. The property, known as Blue Heron Gardens, boasts a strong current NOI of $209,000, translating to a 5.89% cap rate with a pro-forma cap rate of 7.15% and a pro-forma NOI of $253,725. The complex comprises 21 two-bedroom, 1.5-bathroom townhouses and 4 one-bedroom, one-bathroom flats, totaling 20,500 net rentable square feet. Each unit features a carport, with ample additional parking available. The five buildings, situated on 1.5 acres, are meticulously maintained and have undergone continuous upgrades over the past 25 years. This has resulted in historically low tenant turnover, with many long-term residents. Residents enjoy private balconies (in the upstairs units), a common area with picnic tables and BBQs, and convenient proximity to Clear Lake. The property is zoned R-3 and features a coin-operated laundry room. The complex is strategically located in Upper Lake, California (95485), offering easy access to major highways and nearby attractions. The asking price is $3,550,000, representing $142,000 per unit. This property is offered as a 1031 exchange opportunity. The buildings are situated on five separate legal lots, consisting of three fourplexes, one five-unit building, and one eight-unit building. The location offers picturesque views, access to outdoor recreation, and proximity to wineries. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a desirable location.

Location Insight

City

Upper Lake

County

Lake

State

California

Longitude

-122.865

Latitude

39.1218