hey folks,
i was wondering if i could get some input on a property someone i know was offering…
the property is located in el centro, CA, 4 unit property with flow of approx $2500 a month. i’m not exactly sure what the sq footable is at this point, but i don’t imagine it being too big by the lease amounts.
the number being tossed around was in the 400ks.
does anyone know much about the el centro area and whether or not it would be a good investment? i’m pretty new to the commerical area.
Hello, I would like to say that a 4 unit is not a commercial property. 5 units and up is a commercial property.
You may want to post this question in the “Financing, Hard Money” section. You would get a better response.
I hope this helps. Good Luck.
cmacone is right. Multi-unit properties up to 4 units fall into the conforming mortgage market. 5 and up will require commercial financing.
Unfortunately, I do not know anything about your particular market.
you may be able to find taxable value, which might give you some reference point by going to http://www.netronline.com/frameset.asp?StateID=6
pick the county that it is in.
my dad grew up in el centro. Not sure where your property is though the town is growing very rapidly if you live there a year or 2 you will see this. The town is basically an agriculture town, kinda like YUMA. Umm if you could get it at the right price im sure it would be a good investment but i would have to see the numbers.