12
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$3,695,000
Est. payment /mo
0.62 Acres Lot
New
1378 Patricia AVE Simi Valley, CA 93065
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID V1-39383
HOA Y/N No
Year Built 2016
Lot Size 0.618 Acres
Property Description
The purchase of this property is expected to save the buyer $40,000 in annual financing costs based on a seller loan carry at 5% interest-only monthly payments subject to a minimum of a five-year loan term (or more), requiring a buyer down payment of $1,750,000.Located in Simi Valley, 1378-1380 Patricia Avenue comprises 2 two-story four-plex buildings constructed in 2016. The property features a range of modern construction and design elements, including fire sprinkler systems, 9-foot ceilings throughout, and unit separations designed to support residents' privacy and quiet enjoyment. The property also offers 18 on-site parking spaces and fully landscaped grounds. Architectural highlights give the buildings a contemporary, condominium-inspired appearance.Given the property's 10-year-old building age, it is exempt to California's statewide rent stabilization ordinance (AB 1482) for, at least, the next five years. For this reason, the 'lion's share' of the property's lower-than-average water bill is almost wholly shared with the tenant occupants, thereby lowering this utility cost. The building's relatively recent age of construction maintains maintenance costs to a minimum.Both the aforementioned finance savings, as wells as lower operating costs, can be relied upon by the prospective purchaser when compared to more conventional financing and average multifamily property operations, the combination of which would directly impact expected net operating income in a very substantially positive manner!
Location
State CA
County Ventura
Area Svw - West Simi
Interior
Heating Wall Furnace
Cooling None
Fireplaces Type None
Fireplace No
Appliance Gas Oven
Laundry None
Exterior
Parking Features Carport, Off Street
Fence Stone
Pool None
Community Features Street Lights, Sidewalks
View Y/N No
View None
Total Parking Spaces 18
Private Pool No
Building
Story 1
Others
Senior Community No
Tax ID 6320080205
Energy Description 300.0
Acceptable Financing Cash, Cash to New Loan, Owner Will Carry
Listing Terms Cash, Cash to New Loan, Owner Will Carry
Special Listing Condition Standard
Listed by Craig Lieberman Apartment Investment Specialis #00682741
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