$2,239,000. Presents 9 Prime Chula Vista Units bt~ätãç i ÄÄtá VÉÇwÉÅ Ç âåá 35, 39 Oaklawn Avenue Chula Vista, CA 91910

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Kenneth Lambert
5 years ago
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Presents 9 Prime Chula Vista Units bt~ätãç i ÄÄtá VÉÇwÉÅ Ç âåá 35, 39 Oaklawn Avenue $2,239,000 9 Unit Condominium

where Chula Vista will redevelop its Waterfront Fantastic Unit Mix of a 3BR,1.

5BA Townhouse Home Units and 2-2BR,1BA Flats 7 ½ (8) Carports with 7 Open Spaces plus 3 Open Spaces for the House

! Recent Townhome Unit rented at $1,400 without any major upgrades, Multiple Applications All units have Washer Dryer

1 Presents 9 Prime Chula Vista Units bt~ätãç i ÄÄtá VÉÇwÉÅ Ç âåá 35, 39 Oaklawn Avenue $2,239,000 9 Unit Condominium Project (Final Condo Map Buyer to Verify and Satisfy Self) Location, Location, Location Close to Redevelopment Zone where Chula Vista will redevelop its Waterfront Fantastic Unit Mix of a 3BR,1.75BA Single Family and an 8 Unit Building with 6-2BR,1.5BA Townhouse Home Units and 2-2BR,1BA Flats 7 ½ (8) Carports with 7 Open Spaces plus 3 Open Spaces for the House Individual Hot Water Heaters Upside Galore!! Recent Townhome Unit rented at $1,400 without any major upgrades, Multiple Applications All units have Washer Dryer Hookups (7 of 9 Full Size) 2 Flats have Stacked Units Six Townhouse Units have Fenced Fully Enclosed Patio Yards, SFR has fully fenced front yard Exceptionally maintained by owners who purchased property from original developer Total 9,245sf of Improvements (per Property Profile) Large Lot Size of 15,547sf

2 PROPERTY SUMMARY Address: 35,38 Oaklawn Avenue Sales Price: $ 2,239,000 Price per unit: $ 248,779 # of Units: 9 Year Built: Building Size: 1982 for 8 Unit Bldg. House Older 9,245 Sq.Ft. Estimated - Buyer to verify Current GRM: Projected GRM: Cost/Sq.Ft.: $ Map Code: 1309-J5 Parcel No Parcel Size: Parking Info: 15,547 (.356 acres) 8 Carports 10 Spaces MLS # Current CAP: 4.21 Projected CAP: 5.21 UNIT MIX & INCOME Unit# Unit Type Total Rent Comments Current Projected 35 3BR 1.75BA 1,800 1,950 Remodeled approx. 2 ½ Yrs Ago, Fireplace 39 #1 2BR 1.5BA 1,400 1,595 Carport + 1 Space PatioYard/Balcony #2 2BR 1.5BA 1,325 1,595 Carport + 1 Space PatioYard/Balcony #3 2BR 1.5BA 1,400 1,595 Carport + 1 Space PatioYard/Balcony #4 2BR 1.5BA 1,400 1,595 Carport + 1 Space PatioYard/Balcony #5 2BR 1.5BA 1,400 1,595 Carport + 1 Space PatioYard/Balcony #6 2BR 1.5BA 1,400 1,595 Carport + 1 Space PatioYard/Balcony #7 2BR 1BA Flat 1,250 1,495 1 Open Space Only, Fireplace #8 2BR 1BA Flat 1,250 1,495 1 Carport Space, Fireplace Total Monthly Income 12,625 14,510 Total Annual Income 151, ,120 *Unit #4 & #8 in effect, #6 effective 11/1/16, other units effective 12/1/16

ESTIMATED EXPENSES Taxes: $ 24,629 (Est.1.

3,468 Repairs/Maintenance $ 8,100 (Est. $75/u/m) Professional Mgmt.

FINANCIAL PROFOMA ACTUAL MARKET Gross Scheduled Income (GSI) 151,500 174,120 Vacancy (2% Estimate) (3,030) (3,482) Gross

New 1st Trust Deed @ 3.5% 1,455,300 (65% LTV) Loan Payments - 3.

3 ESTIMATED EXPENSES Taxes: $ 24,629 (Est.1.1%) Property Insurance: $ 3,000 Gas/Electric: $ 150 Water & Sewer: $ 4,800 (Net after Tenant Reimbursement) Trash: $ 3,468 Repairs/Maintenance $ 8,100 (Est. $75/u/m) Professional Mgmt. $ 7,400 (5% of Collected Income) Landscaping: $ 900 Pest Control: $ 443 Miscellaneous: $ 1,200 Total Expenses: $ 54,090 FINANCIAL PROFOMA ACTUAL MARKET Gross Scheduled Income (GSI) 151, ,120 Vacancy (2% Estimate) (3,030) (3,482) Gross Operating Income (GOI): $148,470 $170,638 Total Expenses (54,090) (54,090) Net Operating Income (NOI): $94,380 $116,548 New 1st Trust 3.5% 1,455,300 (65% LTV) Loan Payments - 3.5% 5year Fixed $78, Cash Flow 15,958 38,126 Cash on Cash Return 2.04% 4.87% Down Payment 783,650 (35% LTV) Current loan is $400,000. New Financing available thru Multiple Lenders Chase, Opus Bank and First Foundation Bank 5 year Fixed Rate ranges from 3.25% to 3.5% - Call Broker for further details.

4 Features & Improvements Other Details THE HOUSE AND 8-UNIT BUILDING HAD FINAL CONDO PAPERS AND 9 SEPARATE LOANS WHEN CURRENT OWNERS PURCHASED THE PROPERTY. THE HOA HAS BEEN INACTIVE SINCE THEIR PURCHASE PLACED A CONVENTIONAL APARTMENT LOAN WHEN PURCHASED. ALL PATIO YARDS AND DECKS ARE COVERED!! ALL 9 UNITS HAVE FORCED AIR HEAT ALL 9 UNITS HAVE DISHWASHERS ALL TENANTS PAY THEIR OWN GAS AND ELECTRIC. THE WATER IS BILLED BACK TO TENANTS. THE OWNER PAYS SEWER FOR ALL UNITS. MOST REFRIGERATORS ARE 5 YEARS OR NEWER SFR HAS 3 OPEN PARKING SPACES, HAS POTENTIAL TO ADD ADDITIONAL 1 OR 2 MORE SPACES BY MOVING FENCE. ALSO SFR HAS BUILT IN BOOKSHELVES AND GLASS HUTCH. ALSO HAS FIREPLACE. UNIT NO. 6 IS ON-SITE MANAGER AND DOES NOT PAY WATER. 25-YEAR TENANT, UNIT HAS NOT BEEN REHABILITATED AS OTHERS. 8 UNITS HAVE LARGE STORAGE LOCKERS IN CARPORT AREA 6 TOWNHOUSE UNITS HAVE ADDITIONAL STORAGE AREAS WITHIN PATIO YARDS ALL 8 UNITS HAVE BALCONIES!! STAMPED CONCRETE DRIVEWAYS SFR SPANISH HOUSE REMODELED APPROXIMATELY 2 ½ YEARS AGO WITH NEW COUNTERTOPS, OUTLETS, FIXTURES AND CERAMIC TILE FLOORS. THE 3 RD BEDROOM WAS CONVERTED FROM PRIOR GARAGE (PERMITS NOT KNOWN) MOST TOWNHOUSE UNITS HAVE CERAMIC TILE FLOORS ON LOWER FLOOR TOWNHOUSE UNITS HAVE LOTS OF STORAGE WITH ADDITIONAL STORAGE UNDER STAIRS AS WELL AS LINEN CLOSETS IN HALLWAYS UPSTAIRS PROPERTY RECENTLY TOUCHED-UP WITH NEW TRELLIS, SOME EXTERIOR PAINTING, REPAIR OF FENCING, ETC.. UNITS 7 & 8 HAVE FIREPLACES SFR AND MOST BOTTOM FLOORS OF TOWNHOUSES HAVE GORGEOUS CERAMIC TILE MUST SEE PROPERTY, RARE FIND INDEED!!!. ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE.

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5 Fabulous Units in North Park

Presents 5 Fabulous Units in North Park Fantastic 2BR, 1.5BA Single Family Home PLUS 4 1BR,1BA Units with Garages for all!! 3503 Florida St. & 2014-2020 Myrtle Ave. $ 1,985,000 Location, Location, Location