428 N 2nd Street,  King City CA, 93930 (Residential Income)

Status: Sold
MLS#: AT199854
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Last Updated: 12/7/2016 10:27 PM
Description for 428 N 2nd Street King City, CA 93930
Marketing Remarks: Perfect 1031 Tax Deferred Exchange income property. Seller says currently rented as 10 separate units, but with some upgrades will rent as 11 units. Seller has recently done some painting, electrical, plumbing, sheetrock and flooring upgrades to several units. Seller says current cap rate with 10 units rented is nearly 8.81%, but should be closer to 11.1% with the eleventh unit rented. Several units have carports that could possibly be converted to additional bedrooms. (Buyer to do their own investigations into permitting.) Tenant parking in complex and on street. These apartments are near jobs, school, bus stop and places of worship. Seller says long record of occupancy and rare vacancies are typically full within the month. Please don't disturb the tenants. Seller financing possible with significant down payment.
Price
Sold Price:
$500,000
Sold Date:11/07/2014
Monterey
AT199854
Closed
Description
Marketing Remarks: Perfect 1031 Tax Deferred Exchange income property. Seller says currently rented as 10 separate units, but with some upgrades will rent as 11 units. Seller has recently done some painting, electrical, plumbing, sheetrock and flooring upgrades to several units. Seller says current cap rate with 10 units rented is nearly 8.81%, but should be closer to 11.1% with the eleventh unit rented. Several units have carports that could possibly be converted to additional bedrooms. (Buyer to do their own investigations into permitting.) Tenant parking in complex and on street. These apartments are near jobs, school, bus stop and places of worship. Seller says long record of occupancy and rare vacancies are typically full within the month. Please don't disturb the tenants. Seller financing possible with significant down payment.
Listing Information
Property Type: Cluster, Other
0.55 Acres 2,405,400 sq.ft.
Raised Foundation
4 Total
Neighborhood
Room Information
Interior Features
None
Gas Heat, Wall Unit
Exterior / Lot Features
On Site, Street Parking
APT
Driving Directions
Exit 101 at First St and turn north. Left on Ellis St. First right is North Second St. Look for 436 on the yellow fence before the preschool. Don't disturb tenants. Cross Streets: Ellis St.
Financial Considerations
026261005
Listing Price History

King City Real Estate

King City is located in California. King City, California 93930 has a population of 12,814.

The median household income in King City, California 93930 is $49,326. The median household income for the surrounding county is $60,143 compared to the national median of $53,046. The median age of people living in King City 93930 is 24.9 years.

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Courtesy: Re/Max Parkside Real Estate Kyler Hamann
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