1451 Michigan Avenue

Beaumont, CA 92223

$5,895,000
Price
3
Beds
33
Baths
24,400 Sq. Ft.
$242 / Sq. Ft.
24,400
Sq. Ft.
$242
per Sq. Ft.

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...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.
  1. Listed by Brett Bayless • DRE #01718244 • Brokerage DRE #01718244 • Brett Bayless, Broker • 949-887-2465

Property Details for 1451 Michigan Avenue

View
Mountain(s)
Parking Spaces Total
0
Private Pool
No
Total Units
33.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
24400
Assessor Parcel Number
404-260-002
LISTING UPDATED: 10/29/2024 10:02 AM

Property Details for 1451 Michigan Avenue

StatusActive
MLS #OC24222526
Days on Market57
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1976
CountyRiverside County

Building Information for 1451 Michigan Avenue

Building/Complex1451 Michigan AveFloor-Stories1Residences-Pet Policy-Year Built1976Building Size-

Property Information for 1451 Michigan Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $541,524
  • Gross Scheduled Income: $541,524
  • Vacancy Allowance: 12516
  • Gross Operating Income: $524,455
  • Net Operating Income: $273,601
  • Laundry Income: $2,455
  • Other Income 1: $2,892
  • Cap Rate: 4.64
Expense Details
  • Operating Expense: $250,854
  • New Taxes Expense: $78,417
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $51,282
  • Professional Management Expense: $26,233
  • Other Expense: $33,932
  • Other Expense Description: Utilitie
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $250,854
Tax / Assessment Info
  • Tax Tract Number: 043807
  • Tax Census Tract: 438.07
  • CFD/Mello-Roos Fee: $133
  • Tax Lot: 0
Community / Development
Community / Development
  • Community Features: Suburban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
  • Heating Type: None
  • Heating: None
  • Heat Equipment: N/K
Exterior Features
  • Entry Location: front
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: 11-15 Units/Acre
  • Number Of Units: 33
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: One
  • Water: Public
  • Sewer: Unknown
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Other
  • Builders Tract Code: Other (OTHR)
Unit Information
Unit 1
  • Unit Type Units Total: 23
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,448
  • Unit Type Total Rent: $33,304
  • Unit Type Pro Forma: 1716
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 10
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,182
  • Unit Type Total Rent: $11,820
  • Unit Type Pro Forma: 1477
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 8
  • Number Of Separate Electric Meters: 34
  • Number Of Separate Gas Meters: 34
  • Number Of Separate Water Meters: 1

Property History for 1451 Michigan Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1451 Michigan Avenue

Taxable ValueLand$719,298Additions$740,814Total$1,460,112
Tax Record2024$19,071 ($1,589 / month)
Home Facts
Total Finished SqFt2,232 SqFtAbove Grade Finished SqFt2,232 SqFtStories1Lot Size93,654 SqFtStyleMulti-Family Res (5+ Units)Year Built1976ZoningR3CountyRIVERSIDEAPN404-260-002

Schools near 1451 Michigan Avenue

This home is within Beaumont Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 12
Rating
School
Distance
Anna Hause Elementary School
PublicK to 5

San Gorgonio Middle School
Public6 to 8

Beaumont Senior High School
Public9 to 12

Mission Vista Academy
CharterK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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1451 Michigan Avenue is a multi-family home for sale in Beaumont, CA 92223. This property was listed for sale on October 27, 2024 by Brett Bayless, Broker, it's currently listed at $5,895,000. This listing's school district is Beaumont Unified School District. Nearby schools include Anna Hause Elementary School, San Gorgonio Middle School and Beaumont Senior High School. 1451 Michigan Avenue is a 3-bed, 33-bath, 24,400 sqft multi-family home built in 1976.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Brett Bayless, Broker, Brett Bayless, DRE #01718244

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.