Description

29673 Rock Creek Dr is a seven-unit multifamily property for sale in Three Rivers, CA, in the E Outlying Tulare County submarket. The offering pairs a 7,800 SF property with 10.86 acres, giving buyers a defined residential asset and a substantial land holding in the same purchase.

The units average 1,114 SF, a useful measure of the residential space behind the property’s income figures. The 7,800 SF total is property-wide, while the average unit size describes the units individually; together, they give buyers a clearer starting point for reviewing the asset. The property is zoned R-3: Residential and identified by APN 067-190-028. For a multifamily buyer, the acreage and zoning belong in the same review as the units and their current income, rather than being treated as a substitute for the operating performance already in place.

The asking price is $3,150,000, or $450,000 per unit and $403.85 PSF. In-place NOI is $222,683 at a 7.07% in-place cap rate; stabilized NOI is $277,768 at an 8.82% stabilized cap rate. The distinction gives investors a way to separate current performance from the stabilized figures when underwriting the purchase. In-place rents are $394,914, compared with market rents of $450,000, while the GRM is 7.98 and potential GRM is 7.00. The opportunity is to acquire seven units with an established income measure and a separately identified stabilized case.