| 2361
california street |
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acifi
Heights |
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14 Units |
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2361
California Street |
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Offered
at $ 2,750,000 |
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| 2361 California Street
is a fourteen (14) unit four-story “Marina-Style”
wood frame apartment building built in 1910. It is located between
Fillmore and Webster Streets, very close to a thriving commercial
area with numerous boutiques, restaurants and coffee shops. |
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| The building is approximately
9,002 square feet and the lot is approximately 36 ft. by 87 ft. 6
inches for a total of 3,194 sq. ft. Most of the units have hardwood
floors, moldings, bay windows and fireplaces. Almost all have been
recently remodeled. There is a
large storage area, laundry room with leased machines, small back
yard and central boiler. The owner pays for heat, water, garbage,
taxes and insurance. |
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Summary
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| Price: |
$ 2,750,000 |
| Down payment (35%): |
$ 962,500 |
| Number of Units: |
14 |
| Price per Unit: |
$ 196,429 |
| Building size: |
9,002 sq. ft. (per realdex) |
| Price per sq. ft.: |
$ 305 |
| Current GRM: |
12.25 |
| Year Built: |
1910 (per tax records) |
| Lot size: |
3,149 sq. ft. (per tax records) |
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| Annualized Operating Data |
Annualized Expenses |
| Estimated Income: |
Current: |
Estimated Expenses: |
Approximate: |
| * Rent Roll |
$ 224,544.48 |
Real Estate Taxes(based 1.107% of purchase price)
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$ 30,442.50 |
| Laundry |
$ 1,920.00
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Insurance |
$ 7,000.00 |
| Total Income: |
$ 226,464.48 |
PG and E |
$ 9,050.00 |
| Less 5% vacancy |
$ 11,206.23 |
Garbage (Scavenger) |
$ 4,035.00 |
| Annual Estimated Income: |
$ 214,838.28 |
Water/sewer |
$ 2,722.00 |
| Estimated Expenses |
$ 70,745.50 |
Management |
$ 4,800.00 |
| Net Operating Income: |
$ 144,092.78 |
Pest Control |
$ 696.00 |
Debt Service
(**at 5.5% interest only) |
$ 98,312.50 |
Maintenance |
$ 12,000.00 |
| Net Cash Flow |
$ 45,780.28 |
Total |
$ 70,745.50 |
| * Annual rent raises have not been levied since April 2004.
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| ** Buyer is advised to ascertain what kinds of financing products
are available to them. |
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| Unit # |
Rooms |
Rent |
Move-In Date |
| 1 |
3 |
$1,200.00 |
3/15/2003 |
| 2 |
3 |
1,375.00 |
12/26/2001 |
| 3 |
3 |
1,400.00 |
5/1/2003 |
| 4 |
3 |
1,325.00 |
3/1/2004 |
| 5 |
3 |
1,400.00 |
9/1/2003 |
| 6 |
3 |
1,325.00 |
3/19/2004 |
| 7 |
3 |
1,375.00 |
2/8/2004 |
| 8 |
3 |
1,375.00 |
3/15/2004 |
| 9 |
3 |
1,350.00 |
3/19/2004 |
| 10 |
3 |
1,400.00 |
5/1/2003 |
| 11 |
3 |
1,500.00 |
8/23/2003 |
| 12 |
3 |
652.04 |
10/1/1992 |
| 13 |
3 |
1,475.00 |
1/10/2004 |
| 14 |
3 |
1,400.00 |
9/1/2003 |
| Laundry |
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160.00 |
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| Total |
42 |
$18,712.04 |
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| Total Annual |
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$ 224,544.48 |
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TAXES:
To be reassessed upon sale, currently expected
to be approximately 1.107% of the purchase price.
NOTE:
Prospective buyers are advised to review, prior to making
any offer, the "Real Estate Transfer Disclosure Statement",
on file with the listing agent.
TO
SHOW: By appointment
with the listing agent. |
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