*** NEED A YEAR END CLOSING? WE CAN ACCOMMODATE YOU ***
*** JUST 25% DOWN PAYMENT FOR APPROVED BUYER ***
*** UP TO 2 YEAR SELLER CARRY FINANCING* - NO POINTS, NO PREPAY ***
**** SELLER WILL MEET THE MARKET ****
Joseph Berkson of Marcus & Millichap is the exclusive listing agent for the La Rhonda Apartments, a well-located, well-maintained, 8 unit apartment community located at 7621 Washington Avenue in the City of Whittier, California. This offering provides an investor the opportunity to acquire a well maintained apartment community with exceptional value-add upside in a premier location within the city. As is common with rental properties that have been owned for multiple generations, the opportunity for a new owner to add value is significant. The result is an income stream that is substantially trailing its market potential. For example, current monthly rents are averaging just $1,099 per month, the tenants receive free cable TV, and the landlord is not collecting RUBS for water, sewer, trash or other common area utilities. With more aggressive management, raising average rents to their pro forma market rent potential of $1,459 per month – and billing tenants for cable TV and utility RUBS – will lead to a 38.60% upside in the Scheduled Gross Income and a corresponding 67.04% upside in the Net Operating Income.
*Seller Carried Financing Option: Seller will, for a qualified buyer, consider carrying back a Note and First Trust Deed in the amount of 75% loan-to-value with a 5.25% annual fixed interest rate payable in monthly, interest only installments. The term of the loan shall not exceed twenty four months. The loan may be prepaid in full, without penalty, after January 1,2019.
