Reduced ~ again! Five blocks to a great beach ... even closer to Mission Bay ... all two bedrooms ... shade trees ... huge demand ... what could be better? Previously these two bedrooms rented for $1525. The 'Great Recession' temporarily dropped rents. Last two turnovers have been for higher rents than previous tenant. Some owners do not use a management firm for assets this size, thus saving that expense. Unit mix and location make this property far superior to other opportunities. With a new loan the principle reduction may be near $15K a year. Occupancy and income have been steady this year.
Property Type:
Com-Res Income
Price Per Unit:
195625.0
Price Per SqFt:
$209.05
Lease per Sq Ft:
$224.86
Finished area:
6,250 sq. ft.580.64 m2
Lot Size:
0.14 acre(s)0.06 hectare(s)
Lot Size Commercial:
.25 Acres or less
Num Stories:
2
County:
San Diego
Market Area:
Coastal South
Number of Buildings:
1
Number of Units:
8
Stories:
2 Story
Unit Type:
Apartment
Year Built:
1959
Days on market:
372
Cap Rate.:
5.6
Gross Multiplier:
11.5
Cash flow:
24392.0
Gross operating income:
131098
Gross scheduled income:
134,580
Net operating income:
86964
Other income source:
laund/stor
Other income:
1980
Gardener expense:
1200
Gas / Electric expense:
2232
Insurance F&L expense:
1600
Maintainance expense:
6942
Management expense:
7546
Taxes expense:
16433
Trash expense:
1700
Operating expense:
44134
Water/Sewer expense:
4780
Other expense:
1235
Pest control expense:
375
Total P&I pay:
62572.0
Vacancy & Credit Loss:
5462.0
Total expenses:
44134.0
Projected Cap Rate.:
6.1
Projected Gross Multiplier:
10.8
Projected cash flow:
32975.0
Projected gross operating income:
139680
Projected gross scheduled income:
143520
Projected net Income:
95547
Projected other income:
1980
Projected annual P&I expense:
62572
Projected operating expense:
44134
Projected Vacancy & Credit Loss:
5820.0
Motive / Want:
Cash out
Financial Information Source:
Owner
Existing Financing:
Conventional
Listing Type:
Exclusive Right (R)
Parking:
Spaces
Total Parking Spaces:
5
Heating:
Wall/Gravity
Laundry:
Leased
Floor finish:
Wall to Wall Carpet, Vinyl, Slab
Construction Material:
Frame, Stucco
Roof:
Composition
Terms:
Cash to New Loan
Number of Units with Drapes:
8
Number of Units with Range/Oven:
8
Number of Units with Refrigerators:
8
Number of Leased Appartments:
8
Number of Units in Unit 1:
1
Number of Units in Unit 2:
1
Number of Units in Unit 3:
1
Number of Units in Unit 4:
2
Number of Units in Unit 5:
1
Number of Units in Unit 6:
1
Number of Units in Unit 7:
1
Unit 1 Furnished:
N
Unit 2 Furnished:
N
Unit 3 Furnished:
N
Unit 4 Furnished:
N
Unit 5 Furnished:
N
Unit 6 Furnished:
N
Unit 7 Furnished:
N
Total Rent for Unit 1:
1295.0
Total Rent for Unit 2:
1350.0
Total Rent for Unit 3:
1375.0
Total Rent for Unit 4:
2800.0
Total Rent for Unit 5:
1425.0
Total Rent for Unit 6:
1475.0
Total Rent for Unit 7:
1495.0
Bedrooms for Unit 1:
2
Bedrooms for Unit 2:
2
Bedrooms for Unit 3:
2
Bedrooms for Unit 4:
2
Bedrooms for Unit 5:
2
Bedrooms for Unit 6:
2
Bedrooms for Unit 7:
2
Bathroom 1:
1.0
Bathroom 2:
1.0
Bathroom 3:
1.0
Bathroom 4:
1.0
Bathroom 5:
1.0
Bathroom 6:
1.0
Bathroom 7:
1.0
Parcel Number:
423-052-09-00
Court/Lender Approval:
No
Listed by
Apartment Consultants, Inc.
Listing information last updated on 31-Aug-2011 8:01 AM
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