140 Ross St Visalia, CA 93292

Property Details for 140 Ross St

Lot size

2.42 lot acres

Property type

Residential income homes

Description

This exceptional investment opportunity presents an eight-unit single-family rental portfolio situated on a substantial 2.42-acre lot in Visalia, California. The property comprises eight detached single-family homes, each approximately 900 square feet, featuring two bedrooms and one bathroom. Each unit includes washer/dryer hookups and a detached garage. Tenants are responsible for all utilities except trash removal, which is covered by the landlord. Currently, seven units are occupied, generating a gross monthly rent of $5,746. The property boasts a current NOI of $53,157 and a pro-forma NOI of $76,893, translating to a current cap rate of 5.32% and a pro-forma cap rate of 7.70%. The asking price is $999,000, representing a price per unit of $124,875 and a land value of $139 per square foot. The seller maintains one vacant unit for personal use when visiting. According to the seller, the property is zoned R2, potentially allowing for the construction of up to 34 units; however, buyers are advised to independently verify zoning and building regulations. Discrepancies may exist between the provided square footage and bedroom counts and tax records; verification by the buyer is recommended. Each home has a separate address (115, 119, 121, 140, 142, 144, 145, 146). The seller is seeking a 1031 exchange and is not considering alternative financing options at this time. The property is located at 140 S Ross St, Visalia, CA 93292.