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Eileen E. Patterson Eileen Patterson Realty, Inc.
CA BRE# 00674881
Highlights; Offering Actual CAP Rate of 5.76% / ProForma CAP Rate of 6.57 %, Offering Actual GRM of 9.72, / Conservative 5-7 % Upside in Potential Rental Income, Extra Large Units 850+ Sq. Ft. Average Cost per Sq. Ft. of $129.30 / Rental Comparables Illustrate a 98% Occupancy Area. Non-Rent Control, The Current Ownership Has Spent $550,000+ In Recent Renovations & Capital Improvements. 25 of 36 Units Have Been Fully Rehabbed., New Roof With 10 Year Warranty. Upgraded granite counter-tops, new cabinetry & luxury vinyl plank flooring in majority of the units. / The Solana Villa Apartments are situated on a large 1.11 acre corner lot. This 36 unit apartment is composed of all two bedroom / one bathroom units. The current ownership's focus has been on quality improvements. The onsite management has implemented strict rental criteria, which in turn has created a more favorable living environment for working class people and families. The property has underwent recent improvements such as: Recent Renovation & Rehabbing $500,000+ In Recent Capital Expenditures, 25 of 36 Units Have Been Completely Rehabbed, 1446 Citrus Has a New Roof With 10 Year Warranty, 1414 Citrus Has 50-75% New Roof, Updated Exterior Paint & Facia Boards, New Interior Paint, Refinished or New Flooring in Rehabbed Units, Updated Kitchens & Bathrooms, Granite Counter tops & New Kitchen Cabinets in Majority of Units, New Windows in Some Units, Repaired / Operational Pool, Assigned Parking Space Per Unit.
Based on information from California Regional Multiple Listing Service, Inc. as of 2019-07-15. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.