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Description
Located a short drive to the low vacancy Grants Pass market, the town of Glendale only has two apartment buildings, one of which just converted to HUD. Subjectproperty boasts 17 units with great opportunity to boost current rents to the max allowed under the current Rent Comparability Study (RCS), to issue a new updated RCS with higher allowed rents, or take the property market rate at the expiration of the HUD contract. With pro forma based rent upside validated in the Rent Comparability Study (RCS), new owner will be acquiring an asset at low basis. Note: current owner took back management this year from a third-party vendor. The pro forma rents are justified in RCS, and upside is realistic and achievable despite statewide rent control. RCS could be renewed and with justified higher rents, or buyer could take entire property market rate in April.
Location
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Listing Agent: Lawrence Potts
Listing Office: Loraditch Ranch & Home R/E
