1096-1098 lighthouse avenue | pacific grove | california ... · 1096-1098 lighthouse avenue |...

Offering Overview

Mahoney & Associates are pleased to present the exclusive offering to purchase the fee simple interest in a Pacific Grove duplex. Located at 1096-1098 Lighthouse Avenue in Pacific Grove, California, this duplex is located blocks from Asilomar State Beach and a few minutes from downtown Pacific Grove. The duplex includes a two bedroom / two bathroom unit, a one bedroom / one bathroom unit, two garages, washer & dryer hookups, front & backyards for both units, and a fireplace in the larger unit. The property will be delivered vacant, which allows a Buyer to lease the units at the current market rent, use one/both units for themselves, or convert the property to a single-family residence.

Investment Highlights

• Rare opportunity to acquire Pacific Grove Duplex• Opportunity to reposition asset in one of "America’s Favorite Towns”- Travel + Leisure (2017)• Extremely High Barriers to Entry• Minutes from Downtown and Asilomar State Beach • Both Units Being Delivered Vacant • Units Recently Painted Inside & Out

Location Overview

Pacific Grove is one of the premier tourist destinations in the United States. Each year, the area attracts an estimated 4 million visitors. The area’s diverse attractions, dramatic coastline, historic architecture, and access to marine wildlife all combine to drive this economic component. From the Monterey Bay Aquarium along Cannery Row, to the world-renowned Pebble Beach Golf Course nearby, Monterey continues to be a destination for visitors, which helps sustain the area’s economy for its residents.

The Monterey Peninsula is one of Central California's most protected areas and poses major barriers to entry for new development due to water constraints and a very stringent California Coastal Commission. Monterey is centrally located on the Monterey Peninsula and is flanked by Pebble Beach to the South and Seaside & Fort Ord to the North. The area is highly regarded for high quality of living due to its naturally preserved environment world class golf courses and miles of scenic coastline.

OFFERING SUMMARY

ASKING PRICE $1,200,000

LEGAL ADDRESS 1096 - 1098 Lighthouse Ave.

APN 006-122-016

TENANCY Property To Be Delivered Vacant

INTRODUCTION DUPLEX INVESTMENT OPPORTUNITY

1096 - 1098 Lighthouse Ave. | 2

OPERATIONS SUMMARY MARKET ESTIMATE

ESTIMATED EFFECTIVE INCOME $50,400

% Scheduled 37.92%

Operating Expenses $19,110

NET OPERATING INCOME $31,290

RENT ROLL

UNIT NUMBER TYPE APPROXIMATE UNIT SIZE ESTIMATED MARKET RENT

1096 1 Bed - 1 Bath 602 SF $1,850

1098 2 Bed - 1 Bath 949 SF $2,550

TOTAL 1,551 SF $4,400

PROPERTY DETAILS

ASKING PRICE $1,200,000

TENANCY Property To Be Delivered Vacant

OFFERING SUMMARY DUPLEX INVESTMENT OPPORTUNITY


ESTIMATED INCOME MARKET ESTIMATE

SCHEDULED GROSS RENT $52,800

ESTIMATED EFFECTIVE INCOME $52,800

REPAIRS & MAINTENANCE $750

PG&E Tenant

WATER & SEWER $350

LANDSCAPING $1,200

MANAGEMENT FEE (ESTIMATED AT 5%) $2,520

REAL ESTATE TAXES (ESTIMATED AT 1.12%) $13,440

INSURANCE $850

ESTIMATED TOTAL EXPENSES $19,230

% SCHEDULED GROSS RENT 36.42%

ESTIMATED NET OPERATING INCOME $33,570

OPERATIONS STATEMENT DUPLEX INVESTMENT OPPORTUNITY


DETAILS

LEGAL ADDRESS 1096-1098 Lighthouse Ave, Pacific Grove

APN 006-122-016

LAND USE Residential

YEAR BUILT 1956

TYPE OF OWNERSHIP Fee Simple

ATTRIBUTES

NUMBER OF UNITS 2

NUMBER OF BUILDINGS 1

BUILDING SIZE 1,551 SF

GARAGE SIZE 736 SF

LAND AREA 6,000 SF

PARKING 2 Garage Spaces

CONSTRUCTION

EXTERIOR WALLS Wood Frame

ROOF Tar & Gravel

HEATING Wall Furnace

HOT WATER Water Heaters

FOUNDATION Crawl Space

ZONING R-3-M

LAUNDRY Hook-Up

PROPERTY INFORMATION DUPLEX INVESTMENT OPPORTUNITY

LAUNDRY ROOMBEDROOM

KITCHEN KITCHEN

LIVING BATHROOM


1098

1096


SITE PLAN DUPLEX INVESTMENT OPPORTUNITY

Tax Map1098 Lighthouse Ave, Pacific Grove, CA 93950

Tax Map 1098 Lighthouse Ave, Pacific Grove, CA 93950 10/30/2018

Page 1 (of 1)

This report is only for the myFirstAm user who applied for it. No one else can rely on it. As a myFirstAm user, you already agreed to our disclaimer regarding third party property

information accuracy. You can view it here: www.myfirstam.com/Security/ShowEULA. ©2005-2018 First American Financial Corporation and/or its affiliates. All rights reserved.


FLOOR & SITE PLAN DUPLEX INVESTMENT OPPORTUNITY


AERIAL MAP DUPLEX INVESTMENT OPPORTUNITY

MONTEREY HIGH SCHOOL

PACIFIC GROVE HIGH SCHOOL

PACIFIC GROVE GOLF LINKS

MONTEREY BAY AQUARIUM

CANNERY ROWSITE

UPTOWN MONTEREY

MONTEREY STATE BEACH

FISHERMAN'S WHARF

YACHT HARBOR

MONTEREY MARRIOTT

ABREGO STREET

PORTOLA HOTELPRESIDIO OF MONTEREY

FREMONT BLVD

MU

NRAS AVE

MONTEREY BAY

SANTA CRUZ

FLOOR & SITE PLAN DUPLEX INVESTMENT OPPORTUNITY


Mahoney & Associates hereby advises all prospective purchasers of property as follows:All materials and information received or derived from Mahoney & Associates its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither Mahoney & Associates its directors, of-ficers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materi-als or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Mahoney & Associates will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appro-priate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Mahoney & Associates makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Mahoney & Associates does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, includ-ing that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Mahoney & Associates in compliance with all applicable fair housing and equal opportunity laws.

Patrick Stafford+1 [email protected] #01857243

Contact

Confidentiality & Disclaimer

1096-1098 lighthouse avenue | pacific grove | california ... · 1096-1098 lighthouse avenue |...

Documents