323 Kipps LN Active Save Request In-Person Tour Request Virtual Tour
El Dorado Hills,CA 95762
Key Details
Property Type Multi-Family
Sub Type 5 or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 5,124 sqft
Price per Sqft $356
MLS Listing ID 225032073
HOA Y/N No
Originating Board MLS Metrolist
Year Built 1978
Lot Size 0.780 Acres
Acres 0.78
Property Sub-Type 5 or More Units
Property Description
323 Kipps Lane is a 6-unit multifamily asset in the Foothills of El Dorado Hills. Situated right off Green Valley Road and a stone's throw from Folsom Lake, the property features an approximate 33,977 square foot parcel of land with six total units spread across three separate duplexes. All units underwent extensive renovations in 2014, and five of the six units are currently leased at below-market rents. All units are 2-bedroom and 1-bathroom layouts with LVP floors, updated finishes and appliances, a garage, washer/dryer, and fenced yard space. Once the remaining vacancy is leased at $2,250 per month, the gross annual income will be $138,000. Estimated annual expenses total $46,000, equating to a net operating income of $92,000 which is 5.00% capitalization rate. Once the other five units are leased at market rents, the as-is capitalization rate increases to 6%+. The property is largely surrounded by the Browns Ravine Recreation Area thereby ensuring that the immediate area will not be developed with more housing or commercial buildings. Rental housing is only 7% of the total housing supply in EHD thereby ensuring strong tenant demand for the foreseeable future.
Location
State CA
County El Dorado
Area 12602
Direction Located behind the Purple Place on Green Valley Road.
Interior
Heating Central
Cooling Central
Flooring Laminate,Vinyl,Wood
Appliance Dishwasher,Disposal,Electric Cook Top
Laundry In Each Unit
Exterior
Exterior Feature Fenced Yard
Parking Features Open,Garage
Garage Spaces 6.0
Utilities Available Electric
Water Access Desc Public
View Hills
Roof Type Shingle
Total Parking Spaces 16
Building
Lot Description Private,Secluded,Cul-De-Sac
Story 1
Foundation Concrete
Sewer Public Sewer
Water Public
Architectural Style Ranch,Cottage
Level or Stories One
Schools
Elementary Schools Gold Oak Union
Middle Schools Gold Oak Union
High Schools Black Oak Mine
School District El Dorado
Others
Senior Community No
Tax ID 124-301-017-000
Special Listing Condition None