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1451 Michigan AVE Beaumont, CA 92223
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Key Details
Sold Price $5,300,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 24,400 sqft
Price per Sqft $217
Subdivision Other (Othr)
MLS Listing ID OC24222526
Sold Date 05/14/25
HOA Y/N No
Year Built 1976
Lot Size 2.150 Acres
Acres 2.15
Property Sub-Type Apartment
Property Description
Beaumont Park is a 33-unit apartment community located in one of the fastest growing cities of Riverside County, Beaumont, CA. The well-appointed asset is situated on a large 2.15-acre lot and provides tenants the benefit of low density living with only 15.3 units per acre, single story construction, and ample parking. The asset features an ideal unit mix of (70%) 2 Bed / 2 Bath units, and (30%) 1 Bed / 1 units, and boasts high occupancy, providing investors an opportunity to enhance yield in the near term with rent increases and recovery of loss-to-lease. Within a 15-, 30-, and 60-minute commute of Beaumont Park, there are approximately 24,500, 275,500, and 1.35 million jobs, respectively. Easy access to jobs provides an increasingly robust tenant base.
Location
State CA
County Riverside
Area 263 - Banning/Beaumont/Cherry Valley
Zoning R3
Interior
Heating None
Laundry Common Area
Exterior
Pool None
Community Features Suburban
View Y/N 1
View Mountain(s)
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 1
Sewer Unknown
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Special Listing Condition Standard
Lease Land No
Confidential INFO
TERMS Cash To New Loan
LIST AGRMT Exclusive Right To Sell
LIST SERVICE Full Service
SHOW CONTACT TYPE Agent,See Remarks
SHOW INSTRUCTIONS Drive By Only- Do Not Disturb the Tenants.
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Bought with None MRML