32 HOME SFR JOSHUA TREE, CA

06-15-2022
06-24-2022

101081 . 32 HOME SFR JOSHUA TREE , CA, Twentynine Palms, CA 92277

Asset mix includes 32 homes, 28 are one bedroom and 4 are 2-bedroom 2 bath 
8 quadplexes in Twentynine Palms CA 
Professionally managed by Western Home Builders 
All the homes were built between 2019 - 2022 
Average dwelling size of 850 Sq Ft 
24 units have a garage and an enclosed patio
100% leased to fully vetted tenants 
Minimal deferred maintenance 
Current Net Cap Rate of 5.56% 
Annual Gross Yield of 7.41% 
Current NOI of $417,743
All SVN® Offices Independently Owned & Operated
Local Broker License Information: www.SFRhub.com/realstatelicensing

Property Description

Contact:

TOM JOHNSTON

Director of Brokerage Services

SVN | SFRhub Advisors

T: 602.825.1780

C: 602.403.3695

tom.johnston@svn.com

License #: BR507919000

 

BOR:

SVN | Vanguard

JOE BONIN

License #: 00801397

 

Visit www.SFRhub.com and search for portfolio 101081 for more information. 

SVN | SFRhub Advisors is pleased to present to qualified investors this 32-home SFR portfolio in Twentynine Palms, CA. These short-term and vacation rentals are part of eight quadplexes consisting of 32 homes, 28 are one bedroom and 4 are 2-bedroom 2 bath. All the homes were built between 2019 - 2022 with an average vintage of 2020. This portfolio has an average dwelling size of 850 Sq Ft and each 4-plex sits on 20,474 Sq Ft average lot size. The average asking price per home is $234,656 and current monthly rents average $1449. These rents are well below market rates which creates tremendous value add opportunity. These contiguous units are located on National Drive, the gateway and main gate entrance to Joshua Tree National Park. While the market continues to explode and with Joshua Tree’s popularity, these units have become the most desirable rentals in the Morongo Valley. Improvements include garages, concrete tile roofs, solid surface floors, washer/dryer, dishwashers, ranges, tankless water heaters and much more. The homes are 100% occupied with fully vetted tenants. The city is home to the headquarters of the Morongo Unified School District, which serves the entire high desert region and employs approximately 900 people. The city also contains the headquarters of Joshua Tree National Park (JTNP). In 2019, 2.9 million JTNP visitors spent an estimated $150 million and helped support 1,864 jobs in the region and local area. Other notable employers in Twentynine Palms include grocery stores, hotels and motels, restaurants and most notably Tortoise Rock Casino, Dollar General, and Starbucks. Among the principal employers in Twentynine Palms is the Marine Base. The military plays a key role in the local and regional economies. Economic activity generated by the base includes direct spending by military personnel and their families, jobs for residents, private-sector service and construction contracts, payments to utility providers, off-base housing property taxes, gas tax revenue, and military pension spending by retirees living in the City and Morongo Basin. The base directly and indirectly contributes an estimated $1.1 billion to the local economy. Between Military Personal & the 2.4 million visitors to Joshua Tree National Park each year, it’s easy to see why these homes are 100% occupied yearround.

Key Property Information

Listing Status
Available
Multifamily type
Single Family Rental Portfolio
Price
$ 7,508,999
No. of Units
32
Cap Rate
7.38%
Year Built
2020
Building Size
27,200 Sq ft
Lot Size
655,152 Sq ft
Opportunity Zone
Off
Buy Side Fee
49.98%
Price per unit
$ 234,656
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