DRAMATIC PRICE REDUCTION! Sellers will guarantee 95% of collections for six months. All units benefit from central heat and A/C. New roof and updated drainage will be completed by close of escrow at a cost of $60k. Individual water heaters mean owner saves money since residents pay to heat water. Tenants enjoy private balconies or private fenced patios. Adding washer/dryer hookups could generate $100 more per month and would be easy to do since there is space next to kitchens or baths. Gated entry provides an extra feeling of security. Sellers have upgraded many units on turnover. Future repairs and maintenance cost may be less than history. Seller paid salaries to four staff to service four Ramona assets. New buyer does not need a resident manager, but might pay for a porter. Sewer, fire protection & other are collected via property tax billing. Projected income reflects a 7% increase. Lenders may require for first year reserves of 12 month principal and interest payment. (Buyer posts that extra money for first year and then gets remainder back after first year.)
Inspection will be coordinated upon accepted offer only. No previews.
Please do not disturb tenants. Tenants are unaware of the sale of this property.
The information contained herein has been obtained from sources believed reliable. ACI does not doubt the accuracy, but we have not verified it and make no guarantee, warranty or representations.
