222 F St Needles CA Annual Gross Rental Income $81,276
Owner Stated 17 Units 2 are One Bedroom, One Bath; 12 are studios The last 3 Units are: one
3 Bedroom One Bath at $ call us Month. (which could be divided into a 2 bedroom with a studio unit) also 3 additional studio units.
(which need to be remodeled, being used as storage) Would make a total of 17 units. Owners brother there and will move before the
close of escrow. Annual Gross Rental Income $81,276, Annual Operating Expense Approx.. $ 26,232 , and would not increase substantially with the additional units rented because the brother is using all the utilities now. Annual Net Operating Income
$ 55044 . Landlord Pays for Water ,Trash and Common Area's Gas/Electricity even Cablevision! That's why
tenants love it, everything included in rent! Close to Everything Centrally Located, Close to Freeway, Walking Distance to Stores and
Transportation Local Management Company. No Vacancy's in 6 years. Easy to Rent, waiting list to get in. Most of Tenants are Long-Term Tenants. 5 Units are occupied by owners brother (Not an Owner) would be an additional $3,000/Month $36,000 year not added to these totals. these 5 units will be vacant at close of escrow. and waiting list of renters. Pro Forma Bringing Cap Rate to 15.2% at $117,276 Per Year Gross All units were “torn down to the studs” approx. 12 years ago. New drywall, new electrical, plumbing, everything! There is a very large office/apt unit that could be divided into the additional 2 units.
