115 ANITA Rd, Burlingame, CA 94010
- $1,190,000
- 7 Beds
- 7 Full Baths
- 4894 sq ft
- Year Built: 1940
- Multi-Unit
- Listing #69173
- Status: Active
Seven 1BD/1BA units exterior newly painted, 6 wall furnaces & water heater just recently replaced. Rent Below market rate, upside potential & rare vacancy. It is conveniently located blocks away from downtown Burlingame & train station. 2007 Feasibility study for condo conversion available. Seller will carry 2nd, pls. ask L/A for detail information.
| Financial Analysis | ||||||
| Date: | May 12, 2010 | |||||
| Property Summary: | ||||||
| Price: | $1,190,000 | |||||
| Down Payment: | $476,000 | |||||
| Number of Units: | 7 | |||||
| Cost/Unit: | $170,000 | |||||
| Cost/Sq. Foot: | $243.15 | |||||
| Approx. Sq. Ft.: | 4,894 | |||||
| Current CAP: | 3.73% | |||||
| Market CAP: | 4.45% | |||||
| Current GRM: | 13.13% | |||||
| Market GRM: | 16.89% | |||||
| Approximate Age: | 1940 | |||||
| Approximate Lot Size: | 7,875 | |||||
| Assessed / Appraised Value | ||||||
| Land: | 29.33% | |||||
| Improvement: | 70.66% | |||||
| Total: | 100% | |||||
| Rent Schedule | ||||||
| # of Units | Unit Type | Unit Sq. Ft. | Market Rent | Mkt. Rent/ Sqft | Aver. Current Rent | Aver. Current/Sqft. |
| 7 | 1/1 | 699 | $1,200 | $1.57 | $1,025 | $1.46 |
| Totals: | 4,894 | $8,400 | $ 7,650 | $ 7,175 | ||
| Laundry | $ - | $ - | ||||
| Parking | $ - | $ - | ||||
| Total Income: | $8,400 | $ 7,650 | $ 7,175 | |||
| Annual Expenses | ||||||
| Fixed Expenses: | ||||||
| New Real Estate Property Tax | $ 13,047 | |||||
| Special Assessments | $ 457 | |||||
| Insurance | $ 3,648 | |||||
| Total Fixed Expenses: | $ 17,152 | |||||
| Operational Expenses: | ||||||
| Reserves | $ 1,400 | |||||
| PG&E | $ 3,852 | |||||
| Garbage | $ 3,340 | |||||
| Water | $ 11,602 | |||||
| Repairs/maintenance | $ 5,139 | |||||
| Fire Dept. | $ 161 | |||||
| Environ. | $ 155 | |||||
| Total Operational Expenses: | $ 25,649 | |||||
| Total Expenses: | $ 42,801 | |||||
| Annual Operating Data | ||||||
| Current | Market | |||||
| Scheduled Rental Income: | $ 91,800 | $ 100,800 | ||||
| Scheduled Gross Income: | $ 91,800 | $ 100,800 | ||||
| Less Vacancy Rate: | (5%) | $ 4,590 | $ 5,040 | |||
| Gross Operating Income: | $ 87,210 | $ 95,760 | ||||
| Less Expenses: | $ 42,801 | $ 42,801 | ||||
| Net Operating Income: | $ 44,409 | $ 52,959 | ||||
| Less Loan Payments: | $ 44,052 | $ 44,052 | ||||