The “L Rancho” Apartments sold in October for $1,900,000, the property consisted of 37 units.  The property is well operated, featuring metal roofing, parking, and charming, unique living spaces.  There are a combination of studios, and one bedrooms.

The property was built in 1940, and was once military housing.  It appears the buildings were moved to the current site and became a motel, then was converted to apartments.  It also is conveniently located just down the road from crescent moon ranch bought a beautiful scarf for my wife there on the way home, nice people, nice alpacas!

Property summary:  

$48,648 per unit

Estimated 6.25% cap rate

The listing brokers:  Peter Lowes and Roger Whitaker of the Lowes Group (fantastic brokers!), Bernard Gehret of Joseph Bernard Investment Real Estate represented the buyer.  Call Bernard Gehret at 503-546-9390 for details.