Bardsley Garden Apartments
49 Unit Apartment Building | $3,185,000 ($65,000/Unit) | Tulare, CA 93274
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,185,000
- Property Type
-
Multifamily
- Square Feet
- 31,200 SF
Listing Contacts
Abu Majumder
Verified Profile
Michael Song
Verified Profile
- Property Info
Property Overview
Bardsley Garden is a USDA-515 loan affordable housing project situated at 1150 S Laspina Street, Tulare, CA 93274. Bardsley serves seniors and operates as a USDA subsidized project with limited distributions since 1980. Just to clarify, there are no existing tax credits for the project, and the entire project is subsidized by USDA. The seller is highly motivated and aims to remove the property from their balance sheet by the end of this calendar year. Prospective buyers have the option to apply for a 538 loan or bring their own equity. They can expect a consistent 8% return on investment, along with a management fee of $59 per unit. The asking price is $65,000 per door, totaling $3,185,000 for the 49-unit property, which significantly falls below the replacement cost. According to the Costar multi-housing sales comparables study, there have been only three sales in Tulare within the recent three-year period: two in 2022 and one in 2021.
The average unit cost among these sales is $133,000 or more. Please review the enclosed comparables within this package. The subject property represent a lucrative investment opportunity in the affordable housing market. With 48 one-bedroom and 1 two-bedroom units, this property offers a stable and reliable income stream with potential for growth. Each unit is equipped with essential amenities such as air conditioning, heating, cable readiness, carpeting, refrigerator, range, and a linen closet, ensuring high tenant demand. The building is wheelchair accessible and features on-site laundry facilities, individually metered units, and a dedicated property manager, minimizing operational hassles. Bardsley Garden provides convenient proximity to the 99 freeway, makes it easier to commute.
The average unit cost among these sales is $133,000 or more. Please review the enclosed comparables within this package. The subject property represent a lucrative investment opportunity in the affordable housing market. With 48 one-bedroom and 1 two-bedroom units, this property offers a stable and reliable income stream with potential for growth. Each unit is equipped with essential amenities such as air conditioning, heating, cable readiness, carpeting, refrigerator, range, and a linen closet, ensuring high tenant demand. The building is wheelchair accessible and features on-site laundry facilities, individually metered units, and a dedicated property manager, minimizing operational hassles. Bardsley Garden provides convenient proximity to the 99 freeway, makes it easier to commute.
Property Details
- Class
- C
- Year Built
- 1979
- Stories
- 1
- Lot Size (sq. ft)
- 196,456 SF
- Units
- 49
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].