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Address:
3350 Bullock Lane
Type: Residential
Style: 2 Story
Garage: n/a "79 onsite parking spaces"
Size: 29,688 sq. ft. "16 two bedroom units,32 one bedroom units,1 studio"
Lot Type: Rectangular
Lot Size:
60548 acres
Year Built: 1976 "no deferred maintenance"
MLS®: 127466
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If you have been searching for quality units that are well managed and have great upside due to market position then the Bullock Garden Apartments are the answer. The complex has very little tenant turnovers due to the fact that it is located away from the college and the tenants are predominantly non-students. The property consists of 5 separate buildings totaling 29,688 sq. ft. with 16 2 bedroom units, 32 spacious 1 bedroom units and a studio on 1.39 acres zoned R3 (multi-family residential). There are 79 on-site parking spaces and ample street parking. Each 2 bedroom unit is assigned 2 spaces and the 1 bedroom units have 1 assigned space. The laundry room has 7 sets of washers and dryers which are owned and not leased.
The units are located within the Orcutt Road corridor which is experiencing new commercial growth. The growth is creating new employment opportunities and this will only benefit the complex by creating even more demand for rental housing. The complex has a near zero vacancy factor due to the strong demand for moderately priced rentals. The current owner is a “hands-on” manager who personally oversees all maintenance, repairs and upgrades. There is no major deferred maintenance and the roof has been recently certified for 2 years by a roofing contractor who performed minor repairs.
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Tenant pays: electric, gas
Landlord pays: trash, water, gardener
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49 well maintained units in area of development
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coin operated laundry room with 7 sets washers/dryers owned, not rented
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Cap rate 5.58%, Gross rent multiplier 12%+, Gross rents approx $540,000/yr
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Exterior Finish
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Sewer/Water Systems
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Roof
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