4808 thru 4812 1/2 Santa Monica Ave. Ocean Beach, CA 92107 (San Diego) 3 Residential and
3 Commercial - Location
Map |
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Unit
Address |
Monthly
Rent |
Size
- esf |
Lease
Term |
Notes: |
4808 |
$750* |
378 |
Lease
is up in August 2004 |
*Units
4808 & 4810 are rented together for $1500 |
4810 |
$750* |
1134 |
Lease
is up in August 2004 |
*Units
4808 & 4810 are rented together for $1500 |
4812 |
$978.63 |
486 |
2
years left - option for 3 years |
4808,
4810, 4812 are commercial units |
4808
1/2 |
$800 |
460 |
Month
to Month |
Residential
1br 1ba w/1pkg. space |
4810
1/2 |
$825 |
460 |
Month
to Month |
Residential
1br 1ba w/1pkg. space |
4812
1/2 |
$1900 |
1643 |
Month
to Month |
2br
1.5ba above stores w/110esf balcony/patio w/2 pkg spaces & large bonus room |
Total
- 6 Units |
Total
$6003.63 |
Total
esf 4561 |
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| Financing Details | ||||
| The Seller wants a minimum of 30% down and will carry the balance at a fixed interest of 7.25% (negotiated - rates are on the rise) on a 30 year fully amortized loan with a balloon payment in 10 years. The sellers intent is to retire using the income from this loan. | ||||
| Information | ||||
| A RARE FIND - MULTI-USE IN OCEAN BEACH. This property is located across from the post office and library and gets lots of traffic past its excellent signage. This entire property is zoned C-1(was changed to CC-4-2 in 1999 410K) and is only a few blocks from the ocean. It's located in the heart of the village in OB. There are 3 commercial units esf 2000 with a residence above esf 1643 and balcony esf 110. Also, a detached duplex with (2) units esf 460 each. There are 6 parking spaces along the rear that are part of this property and 4 street spaces in front of the 3 stores. Seller wants minimum 30% down and to carry financing for new owner. Seller has considered building garages where parking spaces are now with another 2 bedroom unit above, converting the big residential unit over the stores to offices, and possibly living above stores and using stores for his own business, but has decided to sell due to retirement. Property sold 'as is' and buyer to verify all. Unit 1 & 2 are leased together for $1500.00/month. | ||||
Shown with accepted offer.
For additional information call Richard Cadway at 619-265-9191 or cell
619-885-5227 |
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Yearly
Expenses |
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Year |
Ins. |
Property
Tax |
Ordinary
Expenses |
Property
Mgnt |
Totals |
2003 |
$2203 |
$3964 |
$5461 |
$2400 |
$14,028 |
2002 |
$2077 |
$3829 |
$3157 |
$2400 |
$11,463 |
2001 |
$1876 |
$3801 |
$2457 |
$2400 |
$10,534 |
*** I have located a national tenant very interested in leasing the 1500 esf coming due in August at minimum $2/ft. That will add $18,000 to the annual income.
*** I am currently looking for a commercial tenant to lease the residence upstairs which is now bringing in $1.16/ft. to increase the income to $1.86/ft. for annual income increase of $13,000. Possibly a Psychic, dentist, 2 office spaces, etc.
*** Total Rent increase projection to be $31,000 per year or total projected income of $103,036 annually.
Projection
for 2005 for new owner doing his/her own property management |
|
| Income with national tenant and residence conversion | $103,036 |
| 2003 expenses - property management + approx. increase in taxes of $10,336 | $21,964 |
| Down payment of 40% (30% minimum and 40% maximum) | $571,600 |
| Debt Service carried by seller as stated above at 7.25% (principle=$857,400) | $70,188 |
| =========== | |
| Positive cash flow per year | $10,884 |
Buyer to verify all figures and projections above to his or her satisfaction