499 Poplar Avenue

A very rare opportunity to own an absolutely beautiful 5 unit building in a terrific "Westside" location! This property has been extremely well taken care of and offers an outstanding unit mix (including a large two bedroom owner's unit with it's own two car enclosed garage). Tenants pay their own PG&E - as well as their own water! Rents are month to month and there is definitely "upside" potential. Each unit has individual storage (and other than the owner's unit), individual carports. There is also a complex laundry room with "coin operated" machines. The location is hard to beat, close to shopping, freeways, public transportation (including the train and BART), several parks, San Francisco International Airport and so much more. Additionally, the neighborhood is impeccable. Surrounded mainly by well-kept single family homes, the Poplar Avenue property is a rare opportunity indeed.

Unit Mix

Unit #1
2 Bedroom - 1 Bathroom
(One car carport parking)
Current rent: $1,500.00
Projected rent: $1,500.00
Unit Description: Spacious two bedroom one bathroom unit with new carpeting, new window treatments and fresh interior paint. A downstairs corner location, this unit overlooks the front garden and Jenevein Avenue. The kitchen has been nicely updated with granite counters and newer appliances.

Unit #2
2 Bedroom - 1 Bathroom
(One car carport parking)
Current rent: $1,300.00
Projected rent: $1,500.00
Unit Description: Spacious two bedroom one bathroom unit with newer appliances and great natural light. An upstairs corner location, this unit overlooks the front garden and Jenevein Avenue.

Unit #3
Studio - 1 Bathroom
(One car carport parking)
Current rent: $875.00
Projected rent: $900.00
Unit Description: Generous sized studio with good natural light.

Unit #4
1 Bedroom - 1 Bathroom
(One car carport parking)
Current rent: $1,075.00
Projected rent: $1,195.00
Unit Description: Generous sized one bedroom unit with good natural light.

Unit #5
2 Bedroom - 1 Bathroom
(Two car enclosed garage)
Current rent: $1,425.00
Projected rent: $1,795.00
Unit Description: Very spacious "owner's" style unit with side by side two car garage. Corner location with good natural light.

Current Gross Annual Rents: $75,240.00

Projected Gross Rents: $85,560.00

Laundry Annual Income: $1,450.00

*Contact listing agent regarding an additional $9,300 income not shown / included Current (Approximate)

Approximate Expenses - 2007

Insurance - $2,728.00
Professional Fees - $925.00
Repairs - $3,396.00
Property Tax - $2,559.00
Utilities - $2,251.00

Total Approximate Annual Expenses: $11,859.00

*Note: Call for a Profit and Loss Statement from 1/1/08 through 8/31/08

According to Public records, the building square footage is 4,920 and the lot size is 5,000 square feet. The roof is only a few years old, the exterior paint is pristine and the building has been extremely well maintained.

 

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