MLS® ID: 19070486
347 East Flora Street
Stockton, California, 95202 $6,287,000
52 unit senior community garden apartment complex with 100% HAP contracts that includes the right to request annual increases based on the market, a 60 day vacancy reimbursement, the county provides the tenants and a tax abatement is available to waive ad valorem taxes. The government contract is a 15 year agreement which will be renewed in 2031. The existing cap rate is 7%. This beautiful 2 two story Seniors 55+ ONLY complex has new roof, new asphalt and much more. Units come with range, refrigerator plus Many safety features including Closed Circuit cameras and security gates. Close to down town, Saint Joseph's Medical center, Shopping centers and Parks!! See brochure in docs area!