| 1201
Pine street |
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acifi
Heights |
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16
Units |
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1201
Pine Street |
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Offered
at $ 2,375,000 |
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(corner of Pine & Leavenworth) |
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| 1201 Pine Street
is a sixteen (16) unit wood frame apartment building built in
1909. It has fifteen (15) residential units and one (1) small
additional commercial unit that is used as a dry cleaners. The
building is located on the corner of Pine and Leavenworth, a
block from the Ritz-Carlton hotel and conveniently located for
those who work downtown. |
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The building is approximately 7,744
square feet and the lot is approximately 2,819 sq. ft. Most of the
units have hardwood floors, moldings, bay windows and fireplaces.
Almost all have been recently remodeled.
There is a laundry room with leased machines, storage areas and
a one-car exterior parking pad. All units have separately metered
electric heat. The owner only pays for water, garbage, taxes and
insurance. |
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| Summary |
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| Price: |
$ 2,375,000 |
| Down payment (35%): |
$ 831,250 |
| Number of Units: |
16 |
| Price per Unit: |
$ 148,437 |
| Building size: |
7,744 sq. ft. . (per realdex) |
| Price per sq. ft.: |
$ 306 |
| Current GRM: |
11.2 |
| Year Built: |
1909 (per tax records) |
| Lot size: |
2,819 sq. ft. (per tax records) |
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| Annualized Operating Data |
Annualized Expenses |
| Estimated Income: |
Current: |
Estimated Expenses: |
Approximate: |
| * Rent Roll |
$ 212,087.30 |
Real Estate Taxes(based 1.1017% of purchase price) |
$ 26,291.25 |
| Laundry |
$ 100 |
Insurance |
$ 5,000.00 |
| Total Income: |
$ 212,187.30 |
PG and E |
$ 4,178.37 |
| Less 5% vacancy |
$ 10,609.36 |
Garbage (Scavenger) |
$ 4,273.86 |
| Annual Estimated Income: |
$ 201,577.94 |
Water/sewer |
$2,796.80 |
| Estimated Expenses |
$ 60,505.72 |
Management |
$ 4,800.00 |
| Net Operating Income: |
$ 141,072.22 |
Pest Control |
$ 840.00 |
Debt Service
(**at 5.5% interest only) |
$ 84,906.25
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Maintenance |
$ 12,000.00 |
| Net Cash Flow |
$ 56,165.97 |
Total |
$ 60,505.72 |
| * 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 |
$1,050.00 |
1/27/2004 |
| 2 |
3 |
$ 1,200.00 |
3/1/2003 |
| 3 |
2 |
$ 1,200.00 |
5/1/2003 |
| 4 |
3 |
$ 1,250.00 |
2/7/2004 |
| 5 |
3 |
$ 1,100.00 |
12/1/2003 |
| 6 |
3 |
$ 1,250.00 |
8/1/2002 |
| 7 |
3 |
$ 899.64 |
8/1/1995 |
| 8 |
2 |
$ 925.000 |
8/1/2001 |
| 9 |
3 |
$ 1,300.00 |
3/1/2003 |
| 10 |
3 |
$ 1,100.00 |
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| 11 |
3 |
$ 1,350.00 |
3/1/2003 |
| 12 |
3 |
$ 1,275.00 |
9/1/2001 |
| 14 |
2 |
$ 492.73 |
5/6/1986 |
| 15 |
3 |
$ 1,250.00 |
11/1/2003 |
| 16 |
3 |
$ 1,200.00 |
8/20/2002 |
| Laundry |
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$ 100.00 |
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| Parking |
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$ 180.00 |
12/1/2003 |
| Commercial Cleaners |
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$ 1,000.00 |
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| Total Monthly |
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$ 17,622.37 |
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| Total Annual |
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$ 212,187.30 |
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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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