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227 Justin Ave
For Sale $3,595,000 ($399.98 per Sq Ft)
$3,595,000 ($399.98 per Sq Ft)
- 14 Units
- 8,988 Sq Ft
- 7,403 Sq Ft
- Unknown Cap Rate
Description
Built in 1957, the property consists of a great unit mix of two (2) studio, one bathroom units, ten (10) one-bedroom, one bath units, and two (2) two-bedroom, one bath units. The units are spread out over 8,988 square foot of gross leasable area. The units are separately metered for gas and electricity. Individual parking spaces are located on the ground floor along with the communal laundry room. The investment is offered at an attractive cap rate along with upside in the rents. The loss-to-lease is more easily achieved with AB1482 rent control. Delivered with 2 vacant units. Please contact listing agents for offering memorandum.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,595,000 |
| Property Type | Multi-Family |
| Usable Sqft | 8,988 |
| Number of Stories | 2 stories |
| Parking Spots | 14 spots |
| Year Built | 1957 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 5626011020 |
| MLS # | 24391817 |
| Property ID | 292815655 |
| Lot Sqft | 7,403 |
| Zoning | GLR4H* |
| Total Units | 14 |
| Days on Market | 178 |
| Original List Price | $3,595,000 |
| Date Updated | September 14, 2024 |
| Date Created | May 14, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $1,732 | $20,000 |
| Unit #2 | 0 | 1.00 | $1,178 | $3,300 |
| Unit #3 | 2 | 1.00 | $1,852 | $4,800 |
| Gross Income (Yr) | $ 283,050 |
| Operating Expenses | $ 81,015 |
| Net Income (Yr) | $ 202,034 |
| Cap Rate | 5.61% |
Listing Provided By
William James an agent of Lyon Stahl Investment Real Estate, Inc.. Lic #01734419
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