NOT LISTED FOR SALE
5 Beds
3 Baths
42,120 Sq Ft
1.98 Acres

Last Sold May 03, 2013

Last sale price $3,050,000 $72 Per Sq Ft

56 Days on Market

Highlights

  • Gated Parking
  • Contemporary Architecture
  • Ceramic Countertops
  • 1.98 Acre Lot
  • Community Pool
  • Accessible Parking

About This Home

As of May 2013

The subject, includes two buildings consisting of six structures commonly known as the 12th Street Courtyard East Apartments is a 38-unit, 1985-construction, two-story townhome-style apartment project, located on the west side of 12th Street East, between Avenue Q and Palmdale Boulevard, in the city of Palmdale. This location is approximately 1 miles east of the Antelope Valley (14) Freeway. The project is situated on two parcels of land totaling 86,369 square feet, or 1.98-acres. The unit mix consists of 30 two-bedroom/one-and-one-halfbathroom townhome units and eight three-bedroom/two-bathroom townhome units. The subject s gross rentable area is about 42,120 square feet, indicating an average unit size of 1,108 square feet. Project amenities include two pools, remote accessed gated entry, onsite parking (garage/carport/open), two laundry facilities with 6 machines in each, barbeque area and on-site management.

Last Agent to Sell the Property

Burton Young

Burton S. Young, Broker License #01058300 Listed on: 12/12/2012

Last Buyer's Agent

Bruce Kwon

IRN Realty License #01035513

IRN Realty

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1985 | Remodeled

Lot Details

  • 1.98 Acre Lot
  • Lot Dimensions are 148x294

Home Design

  • Contemporary Architecture
  • Split Level Home
  • Block Foundation
  • Slab Foundation
  • Fire Rated Drywall
  • Frame Construction
  • Composition Roof
  • Stucco

Interior Spaces

  • 42,120 Sq Ft Home
  • Decorative Fireplace
  • Electric Fireplace
  • Washer

Kitchen

  • Electric Cooktop
  • Ceramic Countertops

Flooring

  • Carpet
  • Vinyl

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 3 Bathrooms

Parking

  • 78 Parking Spaces
  • Carport
  • Single Garage Door
  • Driveway
  • Gated Parking
  • Paved Parking
  • On-Street Parking
  • Off-Site Parking
  • Assigned Parking
  • Controlled Entrance

Accessible Home Design

  • Accessible Parking

Utilities

  • Forced Air Heating System
  • Radiant Heating System

Listing and Financial Details

  • Tenant pays for electricity
  • Tax Lot 25
  • Assessor Parcel Number 3015006015

Community Details

Overview

  • 6 Buildings
  • 38 Units

Recreation

  • Community Pool

Building Details

  • 40 Separate Electric Meters
  • 39 Separate Gas Meters
  • 40 Separate Water Meters
  • Electric Expense $6,360
  • Gardener Expense $4,551
  • Insurance Expense $9,500
  • Maintenance Expense $18,979
  • Professional Management Expense $18,979
  • Trash Expense $8,616
  • Water Sewer Expense $6,840
  • New Taxes Expense $53,151
  • Gross Income $32,185
  • Net Operating Income $222,976

Property Details

Home Type

Multi-Family

Year Built

Built in 1985 | Remodeled

Lot Details

0

Listing Details

  • Assessments: No
  • CapRate: 7.20
  • Professional Management Expense: 18979.00
  • View: No
  • Water Sewer Expenses: 6840.00
  • Zoning: R-2
  • Architectural Style: Contemporary
  • Property Condition: Updated/Remodeled
  • Property Type: Residential Income
  • Gardener Expense: 4551.00
  • Parcel Number: 3015006015
  • Year Built: 1985
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: Yes
  • Interior Amenities: Ceramic Counters
  • Flooring: Carpet, Vinyl
  • Accessibility Features: Parking
  • Appliances: No
  • Fireplace Features: Decorative, Electric
  • Levels: Multi/Split
  • Price Per Square Foot: 72.41

Exterior Features

  • Foundation: Block, Slab
  • Pool Features: Community
  • Pool Private: No
  • Roof: Composition
  • Spa: No
  • Construction Materials: Drywall Walls, Frame, Stucco

Garage/Parking

  • Parking: No
  • Parking Features: Assigned, Controlled Entrance, Covered, Carport, Concrete, Driveway, Gated, Off Site, Garage - Single Door, Street
  • Total Parking Spaces: 78.00

Utilities

  • Utilities: Water Connected
  • Heating: Yes
  • Laundry: No
  • Appliances: Electric Cooking, Refrigerator
  • Heating Type: Central, Electric, Forced Air, Fireplace(s), Radiant
  • Laundry Features: Washer Included
  • Trash Expense: 8616.00

Condo/Co-op/Association

  • Senior Community: No

Lot Info

  • Lot Size: 148x294
  • Lot Size Sq Ft: 86249.00
  • Lot Size Acres: 1.9800

Rental Info

  • Tenant Pays: Electricity

Multi Family

  • Average3 Bed Area: 1386
  • Electric Expense: 6360.00
  • Gross Income: 32185.00
  • Gross Multiplier: 7.76
  • Gross Scheduled Income: 399548.00
  • Gross Spendable Income: 107574.00
  • Insurance Expense: 9500.00
  • Lot Size Area: 86249.0000 Square Feet
  • Maintenance Expense: 18979.00
  • Net Operating Income: 222976.00
  • Number Of Separate Electric Meters: 40
  • Number Of Separate Gas Meters: 39
  • Number Of Separate Water Meters: 40
  • Number Of Units Total: 38
  • Number With Carpet: 38
  • Number With Dishwasher: 19
  • Number With Disposal: 38
  • Number With Refrigerator: 38
  • Operating Expense: 156595.00
  • Total Actual Rent: 386220.00
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 53151.00
  • Tax Area: 6959
  • Tax Lot: 25
  • Tax Tract Number: 00
  • Tax Year: 2012

Range of Values:

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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
05/03/2013 05/03/13 Sold $3,050,000 -1.6% $72 / Sq Ft
02/06/2013 02/06/13 Pending -- -- --
12/12/2012 12/12/12 For Sale $3,099,000 -- $74 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: S720402

California Regional Multiple Listing Service (CRMLS)