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    42081 3rd Street

    Temecula, CA 92590
    • $7,500,000
    • STATUS: Active
    • ON SITE: 270 days
    • ID#: IV20140450
    UPDATED: 21 min ago
    $7,500,000
    • 0
      BEDS
    • 0.52
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 22,651
      SQFT
    • $331
      $/SQFT
    Type:
    Multi-Family
    Built:
    2010
    County:

    School Ratings & Info

    Description

    Incredible investment opportunity for a mixed use building in the heart of Old Town Temecula! With a total of 32 residential and 2 commercial units, this property offers an investor the chance to own a well-maintained property, fully leased to 100% occupancy. Residential units offer value-add opportunities, with up-side rent potential. Building offers a gated 32 unit parking garage along with 2 commercial spaces on the ground floor. All residential units are contained on floors 2 and 3 inside a private interior courtyard. Single bedroom units come complete with fridge, oven, and microwave while each two bedroom contains stainless steel kitchen appliances and in unit washer/dryer units. Building includes 2 community laundry facilities, a private office for the on-site manager, security system/cameras, and a secure entry system for all residents. All residential units are on fixed term leases and both commercial tenants are on multi-year long leases. The residential units are subject to low-income restrictions and are subject to oversight by the Temecula city hall in return for a Welfare Exemption credit which significantly reduces the building's property tax liability. Ownership must be conveyed through a limited partnership with the general partner being a 501 C(3) tax exempt company. Sale is subject to review and approval by the Temecula Redevelopment Agency.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-13T22:27:10.603. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Realty Masters & Associates. Licensed in the State of California, USA.
    www.mckeeregroup.com/homes/107925157
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    42081 3rd Street Temecula, CA 92590

    • Price: $7,500,000
    • Status: Active
    • Updated: 21 min ago
    • ID#: IV20140450
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.52
    Acres
    22,651
    SQFT
    $331
    $/SQFT
    2010
    Built
    Neighborhood:
    Srcar - Southwest Riverside County
    County:
    Riverside
    Area:
    Srcar - Southwest Riverside County
    Property Description
    Incredible investment opportunity for a mixed use building in the heart of Old Town Temecula! With a total of 32 residential and 2 commercial units, this property offers an investor the chance to own a well-maintained property, fully leased to 100% occupancy. Residential units offer value-add opportunities, with up-side rent potential. Building offers a gated 32 unit parking garage along with 2 commercial spaces on the ground floor. All residential units are contained on floors 2 and 3 inside a private interior courtyard. Single bedroom units come complete with fridge, oven, and microwave while each two bedroom contains stainless steel kitchen appliances and in unit washer/dryer units. Building includes 2 community laundry facilities, a private office for the on-site manager, security system/cameras, and a secure entry system for all residents. All residential units are on fixed term leases and both commercial tenants are on multi-year long leases. The residential units are subject to low-income restrictions and are subject to oversight by the Temecula city hall in return for a Welfare Exemption credit which significantly reduces the building's property tax liability. Ownership must be conveyed through a limited partnership with the general partner being a 501 C(3) tax exempt company. Sale is subject to review and approval by the Temecula Redevelopment Agency.
    Exterior Features

    Entry Level 1 Entry Location 3rd St Garage Spaces 32.00 Lot Features 31-35 Units/Acre Lot Size Source Estimated Lot Size Units Square Feet Parking Features Private Parking Total 32.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area 926 Average1 Bed Area Units Square Feet Average2 Bed Area 1095 Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Cooling Central Air Cooling YN Yes Fireplace Features None Fireplace YN No Heating Central Heating YN Yes Laundry Features Common AreaSee Remarks Levels Three Or More

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cable Tv Expense 17400.00 Cap Rate 4.90 Community Features Sidewalks Country Us Electric Standard Electric Expense 8800.00 Elevation Units Feet Fuel Expense 6000.00 Garage Income 9600.00 Garage Rental Rate 25.00 Gardener Expense 600.00 Gross Income 477960.00 Gross Scheduled Income 477960.00 Insurance Expense 17200.00 Land Lease YN No Laundry Equipment Own Lease Lease Laundry Income 1800.00 Laundry YN Yes Maintenance Expense 25000.00 Net Operating Income 374000.00 New Construction YN No New Taxes Expense 0.00 Number Of Separate Electric Meters 32 Number Of Separate Gas Meters 32 Number Of Separate Water Meters 0 Number Of Units Leased 32 Number With Dishwasher 13 Number With Disposal 32 Number With Refrigerator 32 Operating Expense 104000.00 Other Expense 1850.00 Other Expense Description Security Other Income1 43500.00 Professional Management Expense 30100.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 800.00 Tenant Pays Cable TvElectricityGasParking FeeSecuritySewerTrash CollectionWater Total Expenses 104000.00 Trash Expense 6200.00 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedPhone ConnectedSewer ConnectedWater Connected Water Sewer Expense 16500.00 Water Source Public Year Built Source Assessor Zoning C1

    Listing provided courtesy of Gavin Carlson of California Realty Group Inc. and Kristin Schlansky of


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-13T22:27:10.603. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Realty Masters & Associates. Licensed in the State of California, USA.
     
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