100% OCCUPIED! 16 APARTMENT UNITS! PASSIVE CASHFLOW! Start Price USD 1.00 Current Price USD 300,103.03 Time Left - Bid Count 95 Buy It Now Price - Reserve Price - Start Time Sunday, November 16, 2008 End Time Tuesday, December 16, 2008 Location Temecula, CA See more about '100% OCCUPIED! 16 APARTMENT UNITS! PASSIVE CASHFLOW!' Description PROPERTY DESCRIPTIONCurrently fully occupied with waiting list. With sixteen spacious homes, each with one bedroom and one bathroom and a balcony, Cedar Oaks Apartments is an easily well maintained and managed investment property. Each home is individually metered and many have recent improvements such as new air conditioning units, appliances, paint, and flooring. You may manage the homes yourself or keep the current management team in place with their low monthly management fee. Please feel free to contact me with any questions by clicking on the link above. LOCATION DESCRIPTIONSituated on the lushly landscaped corner of Corinth Street (State Route 342) and Berwick Avenue, Cedar Oaks Apartments enjoys a lifestyle minutes away from downtown, while surrounded with a quiet neighborhood setting. Near high traffic frontage, and with the ideal location for those that work in town, Cedar Oaks Apartments maintains an incredibly high occupancy rate, keeping turnover costs down, and preserving an abundant income stream.FINANCIAL DESCRIPTIONGross Income $78,720Effective Income $74,784 (95% Occupancy)Taxes $10,858Insurance $3,712Maintenance $4,940Utilities $7,657Management $6,357Total Expenses $33,524Net Operating Income $41,260Capitalization Rate 7% MORE DETAILED FINANCIAL DESCRIPTIONIncomeRents are currently between $350 and $375, and with a history of full occupancy and with comparable rentals, it can most likely handle going up to $410 per unit per month. (Total Current Income Rate for 95% Occupancy: $63,840.  When you increase rents to $410 per unit: $74,784) ExpensesTaxes: This year taxes were $10,858. Here is the tax bill information: http://www.dallascad.org/AcctDetailCom.aspx?ID=00000457387000000 Insurance: This year I paid $3,712 for insurance through Champion Commercial InsuranceUtilities: I pay for Water and Gas for each unit.  The tenants pay for their own electricity (works out great because in the summer electric is expensive).  Last month the average water bill per unit was $18.25 and the average gas bill was $21.63 (Total Annual Costs: $7,657).Maintenance: Because there is solid history of full occupancy, there are very low turnover costs.  The units are small (460 Square Feet) and simple and do not require much work.  I would estimate about $325 per unit per year on average for paint, carpet clean, other repairs, etc.  (Total Annual Costs: $4,940)Management: I have a great management company in place that does a great job.  They simply send me a monthly statement and check.  They charge 8.5% of the rental income plus $95 per new lease.  Or you can manage it yourself.  (Total Annual Costs: $6,357) SUMMARYYour net operating income based on $410 rents is $41,260 and at a 7% capitalization rate is valued at $589,500!REASON FOR SELLINGI just listed the property and I will need a little time (probably about 45-60 days) to close escrow.  I would like to do a 1031 exchange to a larger building.  This was my first apartment complex and it has been a pleasure to have.  If you would like additional details, please feel free to contact me. Highlights  • 16 One Bedroom, One Bathroom Units • All Individually Metered • Minutes from Downtown • Fully Rented • On Great High Traffic Frontage off Corinth Street • Large Property Location Place a Bid!