Triplex with stable rental income. Two blocks from the beach. Sitting in the area known as “the flats” this property is close to the action of downtown/front street while being far enough away to enjoy the relaxing town of Avalon. The 1-bedroom townhouse style front unit has been completely remodeled with travertine tile floor, crown moldings, French door, and a new kitchen with granite countertops. It also has an unfinished rooftop deck with partial views of the ocean. The front unit has an active vacation rental permit, an established rental income and comes furnished.
The property also has two studio apartments that are currently rented to year round residents. This is a great opportunity to own a multiunit income residential property in Avalon.
GROSS SCHEDULE INCOME: $37,200
NET OPERATING INCOME: $13,656
OPERATING EXPENSE $/%: $23,544/
TOTAL OPERATING EXPENSE: $14,722
UNITS BEDS BATHS FURNISHED? ACTUAL RENT TOTAL RENT PRO FORMA
1: 1 1 1 Furnished $1,500 $1,500 $1,600
2: 1 0 1 Unfurnished $ 800 $ 800 $1,000
3: 1 0 1 Unfurnished $ 800 $ 800 $1,000
# OF UNITS WITH SEPARATE ELECTRIC: 3
GAS METERS: 3
WATER METERS: 1
The property is located in a FEMA flood zone. Borrowers may be required to obtain flood insurance. Property is located in a high fire severity zone. The City of Avalon requires a lateral sewer line video inspection from the property to the City Main with the sale of each property and repair if needed. The water allocation for the residence is limited due to Stage 1 drought conditions on Catalina Island. Front unit is a vacation rental, income varies from year to year. Toilets are plumbed to use salt water.
CLICK THIS LINK TO VACATION RENTAL WEBSITE FOR THIS UNIT
Listed with KNBRE