Description
CBRE is proud to exclusively present a multifamily opportunity located in the City of Murrieta! Murrieta Seniors Portfolio is a prime Murrieta 55+ offering located just east of the I-215 freeway, within close proximity of downtown Murrieta. The location offers convenient freeway access and is located in a mature, highly desirable, quiet, low-traffic sector of Murrieta, within 1 mile of shopping, restaurants and more. The area also offers convenient access to the neighboring cities of Temecula, Lake Elsinore and Hemet via the I-215, I-15 and 79 freeways. Access to South Orange County is provided using Highway 74 and Oceanside is accessible within an hour's drive on I-15. This unique offering features 40 individual manufactured homes operated as rentals. This provides an attractive housing alternative to seniors, who may prefer a more traditional home lifestyle without the drawbacks of apartment living or home ownership. The homes are well-maintained and offer significant rental upside for new ownership. The 40 properties within the portfolio total to 56,446 rentable square feet with a total land area of 4.54 Acres. The property offers an excellent mix of two-bedroom/two-bathroom and three-bedroom/ two-bathroom homes averaging 1,411 square feet. The property has historically high occupancy and is generating $55,715 in monthly rental income. There is a rental upside of approximately 20% that can be realized through renovation of the homes to bring them to market rates.
Details
| MLS# | CV19254175 |
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| Listing Type | For Sale |
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| Sub-Type | Resale |
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| Status | Active |
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| Year | 1971 |
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| Days On Site | 87 |
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Features
| Units | 40 |
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| Building(s) | 1 |
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| Golf Course | Yes |
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| Date | Sales | Avg $ Per SqFt | Min Sale Price | Max Sale Price | Med Sale Price |
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| Date: Dec 2019 | Sales: 20 | Avg $ Per SqFt: $102.25 | Min Sale Price: $1,750 | Max Sale Price: $445,000 | Med Sale Price: $217,500 |
| Date: Nov 2019 | Sales: 47 | Avg $ Per SqFt: $116.43 | Min Sale Price: $1,750 | Max Sale Price: $525,000 | Med Sale Price: $412,000 |
| Date: Oct 2019 | Sales: 65 | Avg $ Per SqFt: $148.73 | Min Sale Price: $1,595 | Max Sale Price: $620,000 | Med Sale Price: $400,000 |
| Date: Sep 2019 | Sales: 99 | Avg $ Per SqFt: $164.64 | Min Sale Price: $1,300 | Max Sale Price: $695,000 | Med Sale Price: $420,000 |
| Date: Aug 2019 | Sales: 147 | Avg $ Per SqFt: $140.86 | Min Sale Price: $1,200 | Max Sale Price: $599,888 | Med Sale Price: $389,000 |
| Date: Jul 2019 | Sales: 145 | Avg $ Per SqFt: $147.03 | Min Sale Price: $1,090 | Max Sale Price: $735,000 | Med Sale Price: $404,000 |
| Date: Jun 2019 | Sales: 139 | Avg $ Per SqFt: $163.34 | Min Sale Price: $1,145 | Max Sale Price: $587,500 | Med Sale Price: $429,900 |
| Date: May 2019 | Sales: 186 | Avg $ Per SqFt: $158.16 | Min Sale Price: $875 | Max Sale Price: $685,000 | Med Sale Price: $421,500 |
| Date: Apr 2019 | Sales: 167 | Avg $ Per SqFt: $164.78 | Min Sale Price: $1,410 | Max Sale Price: $649,900 | Med Sale Price: $414,000 |
| Date: Mar 2019 | Sales: 298 | Avg $ Per SqFt: $156.99 | Min Sale Price: $795 | Max Sale Price: $625,000 | Med Sale Price: $375,000 |
| Date: Feb 2019 | Sales: 377 | Avg $ Per SqFt: $159.8 | Min Sale Price: $1,100 | Max Sale Price: $670,000 | Med Sale Price: $395,500 |
| Date: Jan 2019 | Sales: 293 | Avg $ Per SqFt: $160.92 | Min Sale Price: $700 | Max Sale Price: $1,100,000 | Med Sale Price: $414,000 |
| Dec 2019 |
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| Sales: | 20 |
| Avg $ Per SqFt: | $102.25 |
| Min Sale Price: | $1,750 |
| Max Sale Price: | $445,000 |
| Med Sale Price: | $217,500 |
| Nov 2019 |
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| Sales: | 47 |
| Avg $ Per SqFt: | $116.43 |
| Min Sale Price: | $1,750 |
| Max Sale Price: | $525,000 |
| Med Sale Price: | $412,000 |
| Oct 2019 |
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| Sales: | 65 |
| Avg $ Per SqFt: | $148.73 |
| Min Sale Price: | $1,595 |
| Max Sale Price: | $620,000 |
| Med Sale Price: | $400,000 |
| Sep 2019 |
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| Sales: | 99 |
| Avg $ Per SqFt: | $164.64 |
| Min Sale Price: | $1,300 |
| Max Sale Price: | $695,000 |
| Med Sale Price: | $420,000 |
| Aug 2019 |
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| Sales: | 147 |
| Avg $ Per SqFt: | $140.86 |
| Min Sale Price: | $1,200 |
| Max Sale Price: | $599,888 |
| Med Sale Price: | $389,000 |
| Jul 2019 |
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| Sales: | 145 |
| Avg $ Per SqFt: | $147.03 |
| Min Sale Price: | $1,090 |
| Max Sale Price: | $735,000 |
| Med Sale Price: | $404,000 |
| Jun 2019 |
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| Sales: | 139 |
| Avg $ Per SqFt: | $163.34 |
| Min Sale Price: | $1,145 |
| Max Sale Price: | $587,500 |
| Med Sale Price: | $429,900 |
| May 2019 |
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| Sales: | 186 |
| Avg $ Per SqFt: | $158.16 |
| Min Sale Price: | $875 |
| Max Sale Price: | $685,000 |
| Med Sale Price: | $421,500 |
| Apr 2019 |
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| Sales: | 167 |
| Avg $ Per SqFt: | $164.78 |
| Min Sale Price: | $1,410 |
| Max Sale Price: | $649,900 |
| Med Sale Price: | $414,000 |
| Mar 2019 |
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| Sales: | 298 |
| Avg $ Per SqFt: | $156.99 |
| Min Sale Price: | $795 |
| Max Sale Price: | $625,000 |
| Med Sale Price: | $375,000 |
| Feb 2019 |
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| Sales: | 377 |
| Avg $ Per SqFt: | $159.8 |
| Min Sale Price: | $1,100 |
| Max Sale Price: | $670,000 |
| Med Sale Price: | $395,500 |
| Jan 2019 |
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| Sales: | 293 |
| Avg $ Per SqFt: | $160.92 |
| Min Sale Price: | $700 |
| Max Sale Price: | $1,100,000 |
| Med Sale Price: | $414,000 |
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MLS Number: CV19254175