HOUSE + 3 BUNGALOWS!

Transcription

1 RESIDENTIAL INCOME PROPERTY- PROBATE SALE HOUSE + 3 BUNALOWS! ATWATER VILLAE ADJACENT BUT LOCATED IN CITY OF LENDALE, currently a non-rent-controlled property Princeton Street, lendale, CA Listed at $1,000,000. By Appointment Only Jerry Hoffman Cell DRE Lic Exclusively Offered by Jerry S. Hoffman Proper ties 6600 Sunset Blvd. Ste 201 Hollywood, CA Drive by only- DO NOT DISTURB TENANTS Probate listing- Court Confirmation Required

2 Offering Summar y S ite Description Property Address 1815,1817,1819,1821 Princeton Street, lendale CA Assessor's Parcel No Zoning LR4YY Listing Price $1,000, No. Of Rentals 4 Price Per Unit $250, No. Of Buildings 4 No. Of Stories House- 2 stories, bungalows- 1story. Net Rentable SF 3,024 SF Lot Size 7,997 SF Year Built 1928 No. of Parking Spaces 4 (2 tandem driveways) NOI (proforma) $80, Cap Rate (proforma) 8% Sample valuation: Subject Property Comparable Average Sales- lendale/atwater Village 1821 Princeton 2 bed house: $475, $750, Princeton bungalow: $175, $492, Princeton bungalow: $175, $492, Princeton bungalow: $175, $492, Princeton St, lendale, CA 91204

3 Investment Summar y O ver view Princeton St. is a PROBATE SALE REQUIRIN COURT CONFIRMATION. Please make sure you understand an accepted offer is SUBJECT TO OVERBID by another buyer at the court confirmation sale, date to be determined and updated on the MLS in real time. All interested parties will also be contacted when a court date is assigned. PRIME LOCATION! This property is located in one of the most desireable areas in Los Angeles. Because of its border proximity to Atwater Village, it s an easy walk to the main business district and vibe of Atwater Village on lendale Boulevard, where you ll find some of the best rated coffee hangouts, restaurants, yoga studios and boutique shops on the Eastside. Because this property is located in the City of lendale, there is currently no rent control! *FIXER* The single family residence located at 1821 Princeton is a 2 story, Spanish traditional with 2 bed, 1.5 baths and a rooftop deck outside the master bedroom. There is an intimate courtyard on the side of the house. The separate 3 bungalows are all one story, 1 bed, 1 bath with a garage and small patio. The SFR is vacant and the bungalows are all currently occupied. There are 2 parking driveways, each can accomodate 2 cars tandem. All four structures are fixers and sold AS-IS, with no contingencies, inspections, appraisal or any approvals. The Seller will select all services. The Buyer will be responsible for any repairs. The Buyer will be responsible for the termite work. The Buyer will be responsible and pay for any smoke detectors, water heater strapping or any retrofitting prior to the close of escrow. Please see page 7 for instructions submitting an offer. SNAPSHOT Probate Sale- Requires Court Confirmation Residential Income- SFR + 3 bungalows All are Fixers One of LA s Most Desirable Locations Close to Downtown LA Close to Bike Paths Along LA River Currently No Rent Control- City of lendale Princeton St, lendale, CA 91204

4 L ocation 2 short blocks away and you ll find yourself on lendale Boulevard, the business district of Atwater Village and CURBED LA s Winner, Neighborhood of The Year This is a designated Pedestrian Oriented District for its easy walk and shop along lendale Boulevard. lendale was also voted CURBED LA s Neighborhood of The Year With the new River Improvement Overlay Ordinance (RIO), we ll be anticipating major changes and new vitality along the nearby LA River. Future plans for the LA River Improvement Overlay. Miles of bike paths along the LA River. Observatory, The reek Theater LA River Recreation Zone just 1 mile from subject property. and the LA Zoo. Amenities within 10 minute walk YogaWorks Yoga Studios Atwater Village Library Bon Vivant Cafe/ ourmet Market All'Acqua Restaurant Village Tavern Weekly farmers market Proof Bakery Amenities within 15 minute walk Metrolink and Amtrak Station LA River 9-hole golf course Links and Hops brew pub reek Theatre 2 miles Downtown Los Angeles 7 miles Best Buy/Costco 1 mile Amtrak/Metrolink station 1 mile LA River.5 miles lendale alleria & Americana at Brand 2 miles Subject Property Princeton Only a 15 minute walk to the historic Amtrak/Metrolink train station! Momed Restaurant Princeton St, lendale, CA 91204

5 Income Total Number of Units: 4 Total Rentable SF 3,024 Per Unit Proforma Rent Income (*current) Laundry ross Scheduled Income $26,400 $6,600 $115,200 $ - $ - $26,400 $115,200 Vacancy Factor (3%) ($792) $198 ($3,456) Effective ross Income $25,608 $6,402 $111,744 *Current income based on bungalow rentals only. SFR to be delivered vacant. Rent Roll Current Proforma 1815 Princeton-bungalow 1 bed + 1 bath + patio $ Princeton-bungalow 1 bed + 1 bath + patio $ Princeton-bungalow 1 bed + 1 bath + patio $ Princeton- House 2 bed SFR vacant Total $2, $ $ $ $ $9, This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information provided. Buyer must verify the information and bears all risk for any inaccuracies. C 2018 Properties, Inc Princeton St, lendale, CA 91204

6 2 017 Expe nses NOTE: Broker was not provided with any expense information, therefore this can only be a rough estimate. Cap rates, NOI estimated as well, buyer to do their own due diligence. EXPENSES Proforma Per unit Total expenses $ 31,288 $ 7,822 Taxes Insurance Maintenance/Repairs Management Utilities ardener Total Expenses $ 31,288 % of EI 28% NET OPERATIN INCOME $ 80,456 Utilties: lendale Water & Power and The as Company. The house has its own hot water heater and own water, gas and electric metering. The bungalows each have its own hot water heater and are all on one water meter. Each one is indivdually metered for gas and electric. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information provided. Buyer must verify the information and bears all risk for any inaccuracies. C 2018 Properties, Inc Princeton St, lendale, CA 91204

7 O 4. Buyer responsible for any repairs. 5. Buyer responsible for the termite work. required prior to the close of escrow. 1 business day. 9. Contact listing agent to determine who to make the cashier s check payable to. 10. No assignees during escrow period. Commission will be split as follows: 2.5% to listing agent and 2.5% to agent representing successful ** OFFERS ARE SUBJECT TO OVERBID** RL Princeton E. Palmer St, Avenue, lendale, lendale, CA CA 91205

8 R ental Comps- 1 bed RL Princeton E. Palmer St, Avenue, lendale, lendale, CA CA 91205

9 R ental comps- 2 bed RL Princeton E. Palmer St, Avenue, lendale, lendale, CA CA 91205

10 Broker / Agent Information C o ntact: Jerry Hoffman jerry@la.com DRE Lic Proper ties, Inc Sunset Blvd. ste 201 Hollywood, CA Bro ke r/ag en t doe s no t g u ar a n t ee t he a c c u ra c y o f t h e s q u a re fo o t a g e, lo t size o r ot h er i n fo r ma t ion co n c e rn in g th e co n d it io n s o r fea t u re s o f t h e pr o p e rt y p rovid e d b y t he s e lle r o r obt a in e d fro m Pu b lic Rec o rd s o r o t h e r s o u rc e s. Bu y er is a d vis e d t o in d e pe n de n t ly ver ify t h e a c c u ra c y o f a ll in fo r m a t io n t hr o u g h pe rs o n al in s pe c ti o n a n d w it h appr o pr ia t e pr o fe s s io n a ls. Co py rig ht 2018 Prop e rt ie s, In c Princeton E. Palmer St, Avenue, lendale, lendale, CA CA 91205