Listed By:
Sheryle McNamara with Luxe Places International Realty; 707-621-4265
Address
6687 Blue Heron Drive, Upper Lake, CA
Price
$ 3,750,000
Property Attributes
  • MLS#LC24063279
  • TypeMulti-Family
  • CountyLAKE
  • CityUpper Lake
  • AreaUpper Lake
  • Zip95485
  • StyleApartment
  • Price$ 3,750,000
  • Bedrooms46
  • Full Bathrooms2
  • Half Bathrooms1
  • Sqr Footage20500
  • Lot Size1.5 Acres
Data Source:
California Regional MLS (CRMLS)
Property Description

Owner has Beautifully maintained Blue Heron Gardens with excellent on-site management--continuously upgrading during his 25 years of operation. There are many long-term tenants, plus an historically low vacancy and turnover rate. Tenants appreciate having a coin operated laundry room on-site, and a large park-like exterior common area that includes picnic tables and BBQ. There are 21 2BR 1.5 Bath two-story Townhouses, and 4 1BR 1 Bath flats--with the upstairs featuring private exterior balconies. Each of the 25 Units have their own carport with plenty of additional parking. There are 5 buildings on 5 separate legal lots set up as 3 Fourplexes, one 5 Unit, & one 8 Unit bldg. "Actual" Cap Rate of +-5.5 includes "Actual Rents" with June 1, 2024 rent increases. An added "perk" (in addition to being a quality investment) is that Blue Heron Gardens is located in Lake County, CA--known to be an "outdoor paradise." For an investor from out of town, site visits would be something to look forward to! Across the street is the beautiful and expansive Clear Lake with over 68 square miles--which is CA's largest freshwater Lake. (Tahoe's larger but shared by NV). There are PICTURESQUE views, excellent restaurants, plentiful parks, and walking and hiking trails to enjoy--plus activities to watch or participate in such as camping, fishing, boating, skiing, swimming & kayaking. It is said that Clear Lake is "one of the top spots in the U.S. for fishing." It is also known as "The Bass Capital of the West," and has famous highly competitive local and national fishing tournaments held often--in fact, 93 remain to be held this year (per CA Fish & Wildlife). Water birds are plentiful too--including egrets, swans, BLUE HERONS, & pelicans plus Eagles are commonly seen. Bordering Napa County, Lake County is known for vineyards also--with over 9,000 acres planted, & over 30 "world class wineries" to visit. Upper Lake is just 30 miles East of Ukiah, 75 miles North of Santa Rosa & Napa, and 125 miles North of San Francisco and Sacramento.

Price History
4/7/2024 Listed $3,750,000

General Features

Interior Features Balcony,AllBedroomsUp
Sewer PublicSewer
Heating HeatPump
Cooling HeatPump
Utilities ElectricityConnected,SewerConnected,WaterConnected
Possession CloseOfEscrow
Roof Composition
Appliances FreeStandingRange,Refrigerator,WaterHeater
HOA 0.0
Garage Spaces 0.0
Pool Features None
Security Features SmokeDetectors
Construction Materials WoodSiding
Year Built 1992
Electric Standard
Tenant Pays Electricity
Stories 2
Levels Two
Property SubType Apartment
Gross Income 342624.0
Community Features Biking,Fishing,Hiking,Lake,WaterSports,Park
Accessibility None
Additional Parcels Description 031-291-040,031-291-03,031-291-020,031-291-010
County Lake
Net Operating Income 206897.0
Operating Expense 125448.0
Insurance Expense 9500.0
New Construction No
Property Type ResidentialIncome
HOA / Comm Assn No
Attached Garage No
MaintenanceExpense 6000.0
Garage Y/N No
Special Listing Conditions Standard
Status Active
Directions From Hwy 101 exit E on Hwy 20 to Lake Cnty thru first & 2nd traffic circles,S on Hammond,left (E) on Lakeshore,left (N) on Blue Heron. From I 5 exit W on CA Hwy 20 W,continue on to the exit for Lakes
City Upper Lake
Disclosures Unincorporated
Entry Location 23 Floor - 2 Upstairs
View Y/N No
Senior Community Y/N No
Open Parking Spaces 25.0
Total Units 25
MLS Area LCUL - Upper Lake
Lot Size Square Feet 65340.0
Private Pool No
Waterfront Y/N No
Carport Spaces 25.0
Carport Y/N Yes
Number of Units Leased 25
Street Name Blue Heron Drive
Listing Terms Cash,CashtoNewLoan,Item1031Exchange
Spa Features None
Property Attached Y/N Yes
Land Lease Y/N No
Electric Expense 4560.0
Home Warranty Y/N No
Current Financing Conventional
Fuel Expense 0.0
Trash Expense 13440.0
Water Sewer Expense 19200.0
Lease Renewal Y/N No
Additional Parcels Y/N Yes
Lease Considered Y/N No
Rent Control Y/N No
Days on Market 2
Building Area Units SquareFeet
Standard Status Active
Year Built Source Assessor
Total Actual Rent 28202.0
Property Sub Type Additional Apartment
Taxes 45000.0
Cap Rate 5.5
MobileHomeRemainsYN No

Interior Features

Flooring Carpet,Laminate,Tile,Vinyl
Fireplace Features None
Total Stories 2
Common Walls Item2CommonWalls
Basement (Y/N) No
Air Conditioning Y/N Yes
Heating Y/N Yes
Window Features DoublePaneWindows
Fireplace Y/N No
Laundry Features CommonArea
Entry Level 1
Electric On Property Y/N No

Exterior Features

Parking Features DetachedCarport,Paved,OneSpace
Lot Features Level,NearPark
Water Source Public
Total Parking 50.0
Lot Size Area 1.5
Foundation Details Slab
Number of Buildings 5
Spa No
Building Area Total 20500.0
Lot Size Acres 1.5
Road Surface Type Paved
Lot Size Units Acres
Lot Size Source PublicRecords
Number of Separate Water Meters 5
Number of Separate Electric Meters 25
Road Frontage Type CountyRoad,PrivateRoad
Crops Included Y/N No
Open Parking Y/N No
Horse Y/N No
Irrigation Water Rights Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 95485

Price
AVG $3.75M
$3.75M
Visits
AVG 72
77
Data Provided by Inside Real Estate®
Year Built
AVG 1992
1992