1001 W Stevens Ave
Santa Ana, CA 92707
South Coast Terrace · Multifamily Property For Sale · 256 Units

WWW.WALLACERODECKER.COM all the information on Stevens Rent Rolls, Comparable, Historical,Valuation etc. HERE is the link with the Data on the units we are listing at 1001 West Stevens. This link opens up a sheet with five tabs as well as other links to specific data. This page will give you information on the subject property as well as other income units currently listed. It will also give you links to see MLS listings for other properties in the South Coast Terrace community as well as what Zillow, Realtor.com and Redfin.com have to say about the units. Enjoy. ------------------------------------------------------------------------------------------------------------------------------ Hello and thank you for your interest in my listing at 1001 West Stevens. This income property is different from nearly everything else on the market. We have a vastly superior cap rate, our figures are based on REAL numbers and we have made allowances for operating expenses that nearly everyone else over looks. To help explain this and aid you in showing your investors the income, growth and tax opportunity offered here, I’ve written a brief narrative detailing some of the highlights. Please take a minute to review this. It will definitely be worth your time! To start, it is important to note that our ten units at 1001 Stevens are not like traditional 10 unit buildings. The Stevens units are 10 individual condominiums, each with their own parcel number and each one capable of being sold separately. With apartments, you typically have one or two buildings and 10 apartments. Because you are responsible for anything and everything associated with the building you have TWO sets of expenses.The first (operating) includes utilities, insurance, landscaping, plumbing, fences, etc). The second are the big ticket (capital) items like the roofs, paint, lighting, parking lot, driveways, garages, pools, etc. This is where things can get REALLY expensive, all of the sudden, and make a huge impact on your true cash flow. In the case of Stevens, you are buying ten (10) condominiums. The condos are part of an association and the association dues include most of the operating expenses (gas, water, and landscape, insurance) as well as the capital items (roofs, paint, parking lot, etc) which the association sets money aside for. In fact, the South Coast Terrace community has just completed several millions of dollars in these sorts of repairs. All of the roofs, decks, balconies, and pools have been redone, the painting is nearly completed and a 10-year renovation project is nearing completion. Because of this unusual arrangement, I made a comparison sheet (see the tab labeled “Compare”) that details out just how this works. The three other properties listed represent current MLS listings (as of 05-16-18) and you can click on them to see the details. I have selected the three HIGHEST cap rate properties on the market (under $ 3MM and within 3 miles of the subject) for an apples-to-apples comparison, but the similarities end there. None of them come close to including everything the HOA automatically covers (passively) and in spite of making allowances for vacancy (again, most other listings haven’t), taxes and the HOA, our cap rate is still at the top. From here, the similarities continue to become less and less. Our listing is based on ACTUAL numbers of real rents and real expenses. Many other listings use hypothetical “projected” figures that they think you can get. If the units can really rent for that, why aren’t they already getting it ??? Additionally (and as mentioned before), because these are 10 individual units, you are free to sell any (or all) of them, at any time, as the market and opportunities permit. There is one final benefit and it is related t how you acquire the property. For cash buyers, you can acquire the holding company (LLC) instead of transferring title on the units individually. This step can potentially save thousands in taxes and fees. This property has been under the same ownership for over 10 years and, yes, the Selling broker has an interest in it. We are selling it to buy and build a larger project, so this is truly a rare opportunity to step into some very successful (and lucrative) shoes. Please take a look at the listing, explore the numbers and see for yourself what phenomenal opportunity this is. Should you have questions, please call me at 714-444-2727 ext 509. Thank you again for your interest.