Built in 1967, the Estada consists of a balanced unit mix of six one-bedroom/one-bath units, eight two-bedroom/one-bath units, four two-bedroom/two-bath units, and a large 1,600 square foot four-bedroom/four-bath unit that operates as four micro studios with a shared kitchen a living room. The property has undergone significant capital improvements in the last 15 years including a new roof (2011), electrical panels (2010), vinyl windows (2008), and updates to the unit interiors (2008/2009). Estada has attractive assumable financing at 4.5% with three years remaining on the term, however new financing can be procured. At a 5.3% cap rate on in-place financials, this established income stream offers additional upside with little risk.
