NOT LISTED FOR SALE

Estimated Value: $9,183,202

2 Beds
2 Baths
24,252 Sq Ft
$379/Sq Ft Est. Value

Sale Details

Date Sold: January 12, 2021

Last sale price $6,000,000 $247 Per Sq Ft

Est. 53% increase in value since last sale

Current estimated payment $59,111 / mo

49 Days on Market

Highlights

  • No Units Above
  • 2.76 Acre Lot
  • Circular Driveway
  • Active Adult
  • No HOA
  • Central Heating and Cooling System

About This Home

As of January 2021

The property is designed as a 40 unit 55+ apartment complex (circa 1988) contiguous to a skilled care nursing center. Ideally located one block away from Twin Cities Hospital this property is improved with 10 single-story apartment buildings, a small clubhouse and three laundry facilities all situated among a professionally landscaped open space and central walkway. Trust sale asking $6,400,000 which is only $264.00 per sqft or $160,000. Hurry on this one!

Last Agent to Sell the Property

Paul Shannon

Pacifica Commercial Realty License #01970198 Listed on: 10/07/2020

Pacifica Commercial Realty

Co-Listed By

Corban Holland

Pacifica Commercial Realty License #01836854

Last Buyer's Agent

Anthony Aurignac

Venture Real Estate License #01946262

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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1988

Lot Details

  • 2.76 Acre Lot
  • No Units Above
  • 1 Common Wall
  • Density is 11-15 Units/Acre

Parking

  • 13 Open Parking Spaces
  • 40 Car Garage
  • 40 Carport Spaces
  • Parking Available
  • Circular Driveway

Home Design

  • 24,252 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 2 Bathrooms

Utilities

  • Central Heating and Cooling System
  • Natural Gas Connected

Listing and Financial Details

  • Tenant pays for electricity, gas, telephone
  • Tax Lot 5
  • Tax Tract Number 1212
  • Assessor Parcel Number 040280054

Community Details

Overview

  • Active Adult
  • No Home Owners Association
  • 10 Buildings
  • 40 Units
  • Tempwest Subdivision

Amenities

  • Laundry Facilities

Building Details

  • 40 Separate Electric Meters
  • 40 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $17,800
  • Trash Expense $4,083
  • New Taxes Expense $74,800
  • Operating Expense $262
  • Gross Income $45,720
  • Net Operating Income $30,148

Property Details

Home Type

Multi-Family

Year Built

Built in 1988

Lot Details

2.76 Acres

Parking

40

Listing Details

  • CapRate: 4.30
  • Property Attached: Yes
  • Subdivision Name Other: TempWest(100)
  • Zoning: OP
  • Property Type: Residential Income
  • Parcel Number: 040280054
  • Year Built: 1988
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 1 Common Wall, No One Above
  • Levels: One
  • Price Per Square Foot: 247.40

Exterior Features

  • Pool Private: No

Garage/Parking

  • Carport Spaces: 40.00
  • Garage Spaces: 40.00
  • Parking: Yes
  • Parking Features: Carport, Circular Driveway, Asphalt
  • Total Parking Spaces: 93.00
  • Uncovered Spaces: 13.00

Utilities

  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Central
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Trash Expense: 4083.30
  • Water Source: Public
  • Cooling: Central Air
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: Yes
  • Community Features: Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 11-15 Units/Acre
  • Lot Size Sq Ft: 120226.00
  • Lot Size Acres: 2.7600

Rental Info

  • Tenant Pays: Electricity, Gas, Telephone

Multi Family

  • Gross Income: 45720.00
  • Gross Multiplier: 13.49
  • Gross Operating Income: 521208.00
  • Gross Scheduled Income: 548640.00
  • Insurance Expense: 17800.00
  • Lot Size Area: 120226.0000 Square Feet
  • Net Operating Income: 30147.50
  • Number Of Separate Electric Meters: 40
  • Number Of Separate Gas Meters: 40
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 40
  • Number With Dishwasher: 40
  • Number With Patio: 40
  • Number With Range: 40
  • Number With Refrigerator: 40
  • Operating Expense: 156362.00
  • Operating Expense Percent: 30.00
  • Rent Control: No
  • Total Expenses: 261.67
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 74800.00
  • Tax Census Tract: 127.04
  • Tax Lot: 5
  • Tax Tract Number: 1212

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Closed on
Jun 6, 2024
Sold by
Bought by
Current Estimated Value
$9,183,202

Purchase Details

Listed on
Oct 7, 2020
Closed on
Jan 6, 2021
Sold by
Bought by
Seller's Agent
Paul Shannon
Pacifica Commercial Realty
Buyer's Agent
Anthony Aurignac
Venture Real Estate
List Price
$6,800,000
Sold Price
$6,000,000
Premium/Discount to List
-$800,000
-11.76%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
7.96%
Original Mortgage
$3,000,000
Interest Rate
2.7%
Mortgage Type
Commercial

Purchase Details

Closed on
Jul 29, 2020
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$500,000
Interest Rate
1.1%
Mortgage Type
Commercial

Purchase Details

Closed on
Mar 20, 2000
Sold by
Bought by

Purchase Details

Closed on
Mar 27, 1996
Sold by
Bought by
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$8,800,000 First American Title
$6,000,000 First American Title Company
$6,500,000 First American Title Company
$1,443,000 --
$1,089,000 --
-- Cuesta Title
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Previous Owner $3,000,000
Previous Owner $500,000
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
01/12/2021 01/12/21 Sold $6,000,000 -6.3% $247 / Sq Ft
11/25/2020 11/25/20 Pending -- -- --
11/09/2020 11/09/20 Price Changed $6,400,000 -5.9% $264 / Sq Ft
10/07/2020 10/07/20 For Sale $6,800,000 -- $280 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

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
2026 $102,482 $9,155,520 $1,872,720 $7,282,800
2025 $69,336 $9,017,896 $1,836,000 $7,181,896
2024 $67,666 $6,406,848 $2,122,416 $4,284,432
2023 $67,666 $6,242,400 $2,080,800 $4,161,600
2022 $66,362 $6,120,000 $2,040,000 $4,080,000
2021 $70,922 $6,542,150 $2,400,000 $4,142,150
2020 $33,747 $3,104,250 $702,683 $2,401,567
2019 $32,898 $3,042,621 $688,905 $2,353,716
2018 $32,188 $2,976,963 $675,398 $2,301,565
2017 $31,504 $2,913,633 $662,155 $2,251,478
2016 $30,842 $2,852,406 $649,172 $2,203,234
2015 $30,353 $2,807,891 $639,421 $2,168,470
2014 $29,240 $2,753,281 $626,896 $2,126,385
Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: NS20183810

California Regional Multiple Listing Service (CRMLS)

APN: 040-280-054

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