Income and expense are using projected market values and put property operating near a projected 6% Cap and 11X Gross (Current estimated 4.43% and 13.3X). Located in the affluent community of Belmont Shore, a Southern California beach community and “college town” being just a few minutes from CSU Long… Read More Beach. Both buildings (also for sale with 5290 Division: 8U for $2,150,000) are meticulously cared for, and both have been upgraded with copper plumbing, electrical breakers, and most unit interiors have been upgraded. The investments provide the opportunity to increase your return by increasing the rents to market and separate metering the building utilities, therefore, providing immediate lower overhead/increased cash flow and continued added value in the future with rising utility costs being transferred to the tenants. Laundry is leased and managed by a 3rd party offering further income upside by canceling the contract and installing your own machines. Some units are turning over and may be rented at rates and differ from current income rent roll stated below. Insurance rates stated here are estimates may not be current rate for new owner, so buyer must get own insurance quotes including flood insurance if needed. No parking, street parking only. Read Less
Property listed by AJ Nay, Broker, AJ Nay 305-433-3300
Listing Snapshot
Days Online
17
Last Updated
Property Type
Apartment
Lot Size
0.11 Acres
Year Built
1931
MLS Number
PW25031111
30 Days Snapshot Of 90803
$1.45M
+8%
(avg) sold price
14
-46%
homes sold
62
-27%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1931, Building area total: 6,786, Levels: ThreeOrMore, 1 building, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Urban
Expenses
Electric expense: $5,764, Insurance expense: $10,800, Maintenance expense: $16,631, New taxes expense: $35,750, Operating expense: $78,573, Water sewer expense: $9,628
Fireplaces
None
Income
Gross income: $206,664, Net operating income: $163,213
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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