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616 NE Leon Ave, Modesto, CA 95351

$844,432

Last sold 02/21/2024 for $742K

8
bed
4
bath
2,952
Sqft ($251/Sqft)

Multi-family not for sale

About 616 NE Leon Ave

Property type Multi-family

Neighborhood

Year built 1968

HOA fee $0/month

Lot size 0.48 Acre

Movoto estimate

Property description

Presenting a fantastic investment opportunity: a fully stabilized four-plex featuring a robust cap rate of 10.12% and a gross annual income surpassing $80,000, resulting in an impressive annualized ROI of 16.25%. With rental incomes ranging from $1,600 to $1,700 per unit, this property has a history of dependable tenants and strong financial performance, making it an attractive choice for any real estate portfolio. Additionally, it holds potential for first-time homebuyers, as the rental income can be leveraged to help qualify for the purchase. This property offers compelling financial returns and the added potential for residential flexibility, making it an outstanding investment opportunity with its attractive cap rate and solid rental income. In addition to that, this property offers a half-acre lot requiring very little maintenance. Additionally, the air conditioning units and heaters are new, with the roof being installed last year. With parking available for 12 cars inside the property, each unit is equipped with separate electric and gas meters, as well as new flooring inside all the units. Furthermore, two new water heaters were recently installed with permits, adding to the property's appeal and value.

Listed by

Listing Agent - Colin Hoogendoorn

Listing Office - HomeSmart PV & Associates

Source: Metrolist Services,Inc.

MLS#224009791 • last updated 2 years ago

Movoto checked Metrolist Services,Inc. for data 5 minutes ago

Overview
Cooling/AC	Ceiling Fan(s), Wall Unit(s)
Heating	Wall Furnace
Levels/Style	1, 1, One, A-Frame
SubType	Quadruplex
Status	Closed
Type	Residential Income
Lot Size (Acres)	0.4812
Lot Size (SqFt)	20961
Year Built	1968
Condition	Updated/Remodeled

Interior
Laundry	In Common Area
Total # of Rooms	8
Flooring	Tile
Interior Features	Storage Area(s)

Exterior
Construction	Stucco
Roof	Composition
Foundation	Concrete
# Covered Parking Spaces	4
# Parking Spaces	12
Parking Desc	Carport, Guest Parking Available
Lot Desc	Shape Regular
Irrigation	Meter On Site

Amenities / Utilities
Water Source	Public
Utilities	Cable Available, Natural Gas Connected, Cable Connected, Electric, Internet Available
Sewer/ Septic	Septic System

Location
View	City, Valley
Area	20105
County	Stanislaus
School County	Stanislaus
School 2	Modesto City
School 3	Modesto City
School 1	Modesto City
APN	037-030-022-000
Directions	Hwy 99, Exit Tuolumne Blvd, Left On Roselawn Ave., Right On South Ave., Left On Leon Ave.
Zoning	R2

Multifamily Details
Unit 2: # Beds	2
Unit 2: # Full Baths	1
Unit 3: Rent	1600
Unit 4: # Full Baths	1
Unit 2: SqFt	738
Unit 4: # Beds	2
Unit 3: SqFt	738
Unit 1: Rent	1680
Unit 4: SqFt	738
Unit 2: Rent	1700
Unit 3: # Beds	2
Unit 1: SqFt	738
Unit 1: # Full Baths	1
Unit 3: # Full Baths	1
Unit 4: Rent	1700
Unit 1: # Beds	2
Unit 4: # Of Rooms	4
Unit 1 Lease Term	Less Than 12 Months
Unit 1 Type	Apartment
Unit 3 Type	Apartment
Unit 2: Type	Apartment
Unit 4 Type	Apartment
Unit 2: SqFt Source	Owner
Unit 2: # Of Rooms	4
Unit 4 Lease Term	Less Than 12 Months
Unit 3: SqFt Source	Owner
Unit 2 Lease Term	Month To Month
Unit 4: SqFt Source	Owner
Unit 2 Occupancy	Tenant
Unit 4: Occupancy	Tenant
Unit 1: SqFt Source	Owner
Unit 3 # Of Rooms	4
Unit 1: Occupancy	Tenant
Unit 3: Occupied By	Tenant
Unit 1: # Of Rooms	4
Unit 3 Lease Term	Month To Month
# Of Units Total	4
# Of 2 Bedroom Units	4
Total # Of Buildings	2
Operating Expense Includes	Property Tax, Insurance, Water/Sewer
Income Includes	Rent Only