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.
