(503 N Daisy APN 007-052-60 & 507 N Daisy APN 007-052-59) were sold together for a total of $1,725,000. Opportunity to own 2019 Construction residential income property with a 3-year lease renewal in place producing $137,837 in cash flow each year. These two side-by-side houses are being sold as a grouping, each with 4 bedrooms and 3 bathrooms, were built to suit the tenant, which is a state-licensed residential substance use disorder treatment center. The tenant has been located in the houses for 3 years, and just signed a renewal for an additional 3 years starting on 9/1/2023. Tenant pays all expenses and repairs, with the exception of Property Taxes, Insurance, and repairs associated with the foundation, exterior walls, or roof of the property.
This listing is truly a passive income owner's dream, with minimal management needs, and a true 7.7% in place cap rate (10.7x GRM - one of the most attractively priced residential income properties on the market in Orange County! Positive leverage on day 1 will boost cash on cash returns above 7.7%, and 3 years of lease term remaining!
DISTURBING THE TENANTS WITHOUT PERMISSION IS PROHIBITED BY LAW, PURSUANT TO CALIFORNIA DEPARTMENT OF HEALTH REGULATIONS. Tours can be provided upon receipt of an LOI or Offer, and proof of funds. Full property inspection can be conducted after execution of contract.
Also inquire about a nearby property with similar financial performance that can be acquired with this listing as a portfolio.