G
Seller's Agent in 2022
GAVIN CARLSON
CALIFORNIA REALTY GROUP INC.
(951) 506-9683
1 in this area
24 Total Sales
42081 3rd St Temecula, CA 92590
Old Town Temecula NeighborhoodEstimated Value: $7,352,886
7
Beds
8
Baths
22,651
Sq Ft
$325/Sq Ft
Est. Value
Highlights
- 0.52 Acre Lot
- No HOA
- Leased Washer and Dryer
- Margarita Middle School Rated A-
- Laundry Room
- 4-minute walk to Town Square Park
About This Home
As of March 2022Incredible investment opportunity for a mixed use building in the heart of Old Town Temecula! With a total of 32 residential and 2 commercial units this property offers an investor the chance to own a well-maintained property, fully leased to 100% occupancy. Residential units offer value-add opportunities, with up-side rent potential. Building offers a gated 32 unit parking garage along with 2 commercial spaces on the ground floor. All residential units are contained on floors 2 and 3 inside a private interior courtyard. Single bedroom units come complete with fridge, oven, and microwave while each two bedroom contains stainless steel kitchen appliances and in unit washer/dryer units. Building includes 2 community laundry facilities, a private office for the on-site manager, security system/cameras, and a secure entry system for all residents. All residential units are on fixed term leases and both commercial tenants are on multi-year long leases. The residential units are subject to low-income restrictions and are subject to oversight by the Temecula city hall in return for a Welfare Exemption credit which significantly reduces the building's property tax liability. Ownership must be conveyed through a limited partnership with the general partner being a 501 C(3) tax exempt company. Sale is subject to review and approval by the Temecula Redevelopment Agency.
Last Agent to Sell the Property
CALIFORNIA REALTY GROUP INC. License #02017058 Listed on: 03/21/2022
Last Buyer's Agent
Alex Figueroa
Synergy One Real Estate Ser. License #01173239
Property Details
Home Type
- Multi-Family
Year Built
- Built in 2010
Lot Details
- 0.52 Acre Lot
- Two or More Common Walls
- Density is 36-40 Units/Acre
Parking
- 32 Car Garage
Home Design
- 22,651 Sq Ft Home
- Property Attached
Bedrooms and Bathrooms
- 7 Bedrooms
- 8 Bathrooms
Laundry
- Laundry Room
- Leased Washer and Dryer
Listing and Financial Details
- Legal Lot and Block 1 / 29
- Tax Tract Number 1
- Assessor Parcel Number 922046012
- $4,009 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 34 Units
Amenities
- Laundry Facilities
Building Details
- Rent Control
- 35 Separate Electric Meters
- 35 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $8,800
- Fuel Expense $6,000
- Insurance Expense $17,200
- Maintenance Expense $25,000
- Professional Management Expense $30,100
- Trash Expense $6,200
- Water Sewer Expense $16,500
- Security Expense $1,850
- Operating Expense $104,000
- Gross Income $477,960
- Net Operating Income $374,000
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Mar 12, 2024
Sold by
Fi Adco 16 Llc
Bought by
Fi Third Street 34 Lp
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$4,755,000
Outstanding Balance
$4,040,542
Interest Rate
6.88%
Mortgage Type
New Conventional
Estimated Equity
$3,312,344
Purchase Details
Closed on
Mar 29, 2021
Sold by
Warehouse At Creekside Lp
Bought by
F1 Adcd 16 Llc and F1 Third Street 34 Lp
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$4,755,000
Interest Rate
3.55%
Mortgage Type
New Conventional
Purchase Details
Closed on
Jul 27, 2015
Sold by
The Warehouse At Creekside Llc
Bought by
The Warehouse At Creekside Lp
Purchase Details
Closed on
May 29, 2008
Sold by
Old Town Third Street Llc
Bought by
The Warehouse At Creekside Llc
Purchase Details
Closed on
Nov 29, 2005
Sold by
Nakai Mary Patricia
Bought by
Old Town Renaissance Ventures Ii Llc
Purchase Details
Closed on
Sep 17, 2004
Sold by
Nakai Mary Patricia
Bought by
Nakai Mary Patricia
Purchase Details
Closed on
Sep 14, 2001
Sold by
Talley Mary Theresa
Bought by
Nakai Mary Patricia
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Fi Third Street 34 Lp | -- | Fidelity National Title | |
| Fi Third Street 34 Lp | -- | Fidelity National Title | |
| F1 Adcd 16 Llc | $7,000,000 | Fidelity National Title | |
| The Warehouse At Creekside Lp | -- | Lawyers Title Company | |
| The Warehouse At Creekside Llc | -- | First American Title Company | |
| Old Town Third Street Llc | -- | First American Title Company | |
| Old Town Renaissance Ventures Ii Llc | $999,000 | Stewart Title Riverside | |
| Nakai Mary Patricia | -- | -- | |
| Nakai Mary Patricia | -- | -- | |
| Talley Mary Theresa | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Fi Third Street 34 Lp | $4,755,000 | |
| Closed | Fi Third Street 34 Lp | $4,755,000 | |
| Previous Owner | F1 Adcd 16 Llc | $4,755,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 03/21/2022 03/21/22 | For Sale | $7,500,000 | +7.1% | $331 / Sq Ft |
| 03/16/2022 03/16/22 | Sold | $7,000,000 | -- | $309 / Sq Ft |
| 03/16/2022 03/16/22 | Pending | -- | -- | -- |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
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 | $79,417 | $7,428,454 | $1,379,569 | $6,048,885 |
| 2023 | $79,417 | $7,140,000 | $1,326,000 | $5,814,000 |
| 2022 | $9,627 | $4,271,310 | $1,255,558 | $3,015,752 |
| 2021 | $9,447 | $4,187,560 | $1,230,940 | $2,956,620 |
| 2020 | $9,363 | $4,144,623 | $1,218,319 | $2,926,304 |
| 2019 | $9,214 | $4,063,357 | $1,194,431 | $2,868,926 |
| 2018 | $45,640 | $3,983,684 | $1,171,011 | $2,812,673 |
| 2017 | $44,840 | $3,905,573 | $1,148,050 | $2,757,523 |
| 2016 | $43,920 | $3,828,994 | $1,125,540 | $2,703,454 |
| 2015 | $43,171 | $3,771,482 | $1,108,635 | $2,662,847 |
| 2014 | $41,919 | $3,697,606 | $1,086,919 | $2,610,687 |
Source: Public Records
Agents Affiliated with this Home
-
GAVIN CARLSON
-
A
Buyer's Agent in 2022
Alex Figueroa
Synergy One Real Estate Ser.
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: IV22056346
APN: 922-046-012
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. 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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