NOT LISTED FOR SALE
2 Beds
1 Bath
2,808 Sq Ft
3,920 Sq Ft Lot

Last Sold May 08, 2015

Last sale price $900,000 $321 Per Sq Ft

46 Days on Market

Highlights

  • Ocean Side of Highway 1
  • Balcony
  • Laundry Room
  • Las Palmas Elementary School Rated A-
  • Cooling System Powered By Gas
  • 3-minute walk to Max Berg Park

About This Home

As of May 2015

Excellent Bread and Butter high cash flow large units. Walk to beach and shops, centrally located with peek a boo ocean view in each unit. Average tenant 10 years and zero vacancy for past decade. On site cash laundry income with owner provided coin laundry equipment. All identical floor plans, each unit has 2 bedroom, 1.5 bath, balcony and garage. Keep the long term tenants with low maintenance and heavy cash flow or convert units to higher end finishes for higher income. Nicely maintained with recent update of slab plumbing in units B and C. Take a look at the fantastic price per unit and cash flow. These are for an investor that wants solid stable income with a great purchase price. Units to be shown with accepted offer. All financial numbers provided are actual.

Last Agent to Sell the Property

Edward Ross

Ross, Ed License #01119359 Listed on: 01/28/2015

Last Buyer's Agent

Ryan Jarus

Jarus Realty License #01929198

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1965

Lot Details

  • 3,920 Sq Ft Lot
  • Two or More Common Walls

Parking

  • 3 Car Garage

Home Design

  • 2,808 Sq Ft Home
  • Property Attached
  • Tar and Gravel Roof
  • Composition Roof

Kitchen

  • Gas Cooktop

Flooring

  • Carpet
  • Vinyl

Bedrooms and Bathrooms

  • 2 Bedrooms
  • All Upper Level Bedrooms
  • 1 Bathroom

Laundry

  • Laundry Room
  • Dryer
  • Washer

Outdoor Features

  • Ocean Side of Highway 1
  • Balcony

Utilities

  • Cooling System Powered By Gas
  • Wall Furnace

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Legal Lot and Block 43 / 14
  • Tax Tract Number 793
  • Assessor Parcel Number 05805266

Community Details

Building Details

  • 3 Leased Units
  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $324
  • Insurance Expense $1,188
  • Maintenance Expense $1,303
  • Trash Expense $635
  • Water Sewer Expense $5,468
  • New Taxes Expense $4,730
  • Gross Income $5,430
  • Net Operating Income $50,109

Additional Features

  • 3 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1965

Lot Details

0

Parking

3

Listing Details

  • CapRate: 5.39
  • Inclusions: Coin Washer and Dryer
  • Property Attached: Yes
  • Water Sewer Expenses: 5468.00
  • Property Type: Residential Income
  • Parcel Number: 05805266
  • Year Built: 1965
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Interior Amenities: Balcony
  • Common Walls: 2+ Common Walls
  • Flooring: Carpet, Vinyl
  • Appliances: Yes
  • Levels: Two
  • Price Per Square Foot: 320.51
  • Room Type: All Bedrooms Up

Exterior Features

  • Pool Private: No
  • Roof: Composition, Tar/Gravel

Garage/Parking

  • Garage Spaces: 3.00
  • Total Parking Spaces: 6.00

Utilities

  • Utilities: Electricity Available, Sewer Available, Water Available
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Gas Cooktop
  • Heating Type: Wall Furnace
  • Laundry Features: Community, Dryer Included, Gas Dryer Hookup, Gas & Electric Dryer Hookup, Individual Room, Washer Hookup, Washer Included
  • Trash Expense: 635.00
  • Cooling: Gas
  • Cooling: Yes

Condo/Co-op/Association

  • Community Features: Curbs, Sidewalks

Lot Info

  • Lot Size Sq Ft: 3920.00
  • Lot Size Acres: 0.0900

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Average2 Bed Area: 935
  • Electric Expense: 324.00
  • Gross Income: 5430.00
  • Gross Scheduled Income: 65160.00
  • Insurance Expense: 1188.00
  • Laundry Equipment Own Lease: Own
  • Lot Size Area: 3920.0000 Square Feet
  • Maintenance Expense: 1303.00
  • Maintenance Percent: 2.00
  • Net Operating Income: 50109.00
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 3
  • Number Of Units Total: 3
  • Number With Disposal: 3
  • Number With Range: 3
  • Operating Expense: 15051.00
  • Rent Control: No
  • Waterfront Features: Ocean Side Of Highway 1

Tax Info

  • New Taxes Expense: 4730.00
  • Tax Block: 14
  • Tax Lot: 43
  • Tax Tract Number: 793
  • Tax Year: 2014

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
05/08/2015 05/08/15 Sold $900,000 -3.2% $321 / Sq Ft
03/15/2015 03/15/15 Pending -- -- --
01/28/2015 01/28/15 For Sale $930,000 -- $331 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $10,758 $1,081,661 $955,504 $126,157
2024 $10,758 $1,060,452 $936,768 $123,684
2023 $10,530 $1,039,659 $918,400 $121,259
2022 $10,330 $1,019,274 $900,392 $118,882
2021 $10,131 $999,289 $882,738 $116,551
2020 $10,030 $989,043 $873,687 $115,356
2019 $9,833 $969,650 $856,555 $113,095
2018 $9,644 $950,638 $839,760 $110,878
2017 $9,456 $931,999 $823,295 $108,704
2016 $9,275 $913,725 $807,152 $106,573
2015 $4,824 $473,920 $357,695 $116,225
2014 -- $464,637 $350,688 $113,949
Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC15019192

California Regional Multiple Listing Service (CRMLS)

APN: 058-052-66