Here's a seller finance quadplex with an opportunity to force appreciation.

The property is underperforming, with deferred maintenance, and each tenant is paying under-market rents. All tenants are month-to-month.

The best part is it's for a seller finance note of 36 months with 0% interest, principal-only payments at $2,000 per month.

Current rents come out to $3,000 a month. However, one tenant vacated so the monthly rent is $2,300 a month.

Description: Opportunity Zone.

This is a Quadplex seller finance value add opportunity!

All FOUR units are 1/1.

These are below market rents.

Tenants are month to month.

Current tenants' rents come out to $3,005 a month

The tenants are paying $800, $705 (vacated), $750, and $750 a month.

SPECIAL NOTE:

There is one vacancy. That was the tenant paying $705.

CONDITION: Roof is 15 years old. HVAC: each unit has its own furnace and the tenants have their own window units (he doesn’t provide these). Appliances: Tenants have their own fridges. Units have tile flooring. More information regarding parking.

REPAIRS: Window updates and replacements, new gate, exterior paint, interior paint in units, appliances. Ductless A/C units would be a good addition to units. New LVP flooring. $10,000 per unit x 4, we can predict $40,000 in updates to get them to be nice for market rents.

PERMIT INFO: October 21, 2022

• Seller provided a copy of the permit for the replacement of two water heaters, addressing one of the code violations issued in January 2022. Remedied in February 2022. Water Heater Permit

• Seller provided a copy of the permit for the back staircase, for code violation dated back February 2nd, 2015, and was Remedied and permitted on March 9th, 2015. Back Staircase Permit

• Seller also addressed several minor repairs that were needed.

REPAIR/CAPX COMPLETED (see Dropbox)

UTILITIES

• Gas/Electricity covered by tenants.

• Water & Garbage covered by landlord $500/month total. Insurance and taxes:

• Insurance $1700 for a year • Taxes $4k+

AVG = $197.3/sqft. 518 E Oak Street, Stockton, CA 95202. All 1/1. 4,191 sqft. Utilities and expenses:

NOI

NOI: $3,005 x 12 - $5700 (Taxes & Insurance) = $30,360

Market caprates in the surrounding area is 4.6-5.4 caps

Price $419,500 with seller finance terms below

Buy it now for $465,000 - 419,500

Seller Finance Terms

Purchase price: $459,500 419,500

Down Payment/Assignment: $129,500. $89,500K!!!!

Buyer to pay closing costs

Earnest Money Deposit: $10,000

36 months 0% interest,

$2,000 monthly payment direct to the principle

COMPS

• 21 E Walnut St, Stockton 95204 3,384 sqft Quadplex, all 1/1units 3384 sqft

Sold for $666,500 on $197/sqft

Highest Nearby Quad Comps

• 830 N Van Buren St, Stockton 95203 Quadplex, all 1/1 units. 3,480 sqft.

Sold for $630,000 on 6/30/22 $181/sqft

• 925 N California St, Stockton, CA 95202 Quadplex, also all 1/1 units. 2,456 sq ft Sold $525,000 on 06/20/22 $214/sqft

Please let me know what you'd like to offer on this, and how quickly you can close. We will arrange a walkthrough after taking all offers. Thank you!