1378 Patricia Avenue, Simi Valley, CA 93065

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!