430 Pearl Street, King City, CA

 

5 Units

430 Pearl Street 5 Unit Multi-Family Three Building Complex For Sale in King City

 

Download PDF Brochure

Complex Notes:

  • 215 S. Russ Street, 428 Pearl Street, and 430 Pearl Street consist of a 5-unit multi-family complex in three buildings on one parcel.
  • 430 Pearl Street consists of one 2 bedroom/1 bath unit and one 1 bedroom/1 bath unit.
  • 428 Pearl Street consists of one 2 bedroom/1 bath unit and one 1 bedroom/1 bath unit.
  • 215 S. Russ Street is a free-standing house.
  • The total square footage of the three buildings is estimated at 4,166 square feet according to CoreLogic.
  • The lot size is 15,000 square feet according to CoreLogic.
  • 215 S. Russ Street has a fenced backyard with a two-car garage, which is approximately 800+ square feet.
  • The units are heated with gas wall furnaces.
  • The property has street parking and off-street parking behind the complex.
  • Property is zoned Medium Density Residential or R-2 Neighborhood.
  • The property is in the King City School District.
  • The owner pays water and sewer for the 428 and 430 Pearl Street. Tenants in the duplex units pay for garbage, PG&E, hot water, cable, and internet.
  • 215 S. Russ Street residents pay all utilities including garbage, water, and sewer.
  • There is a second PG&E meter on the house which services commons area lights. This expense is paid by the owner.

 

 

 

King City & Monterey County Facts:

 

  • The estimated population of King City is 12,874 according to the US Census bureau in 2010.
  • The average sales price of a King City single-family home for September 2018 to September 2019 is $353,000.
  • King City is the home of the Salinas Valley Fairgrounds and annual Salinas Valley Fair.
  • The estimated population of Monterey County is 431,344.
  • Monterey County is home to the $8.1 billion-dollar agricultural industry as of 2015.
  • Major employers include B&J Farms, Borzini Farms, Cook Pak, Flexible Manufacturing, Delicato Vineyards, 1st Capital Bank, many agricultural industries, the hospitality industry, the cannabis industry, and the construction industry.

 

Financials

 

 

Listing Price: $649,000 Building Sq. Ft: 4,166 Units 5
Down Payment: $200,000 Lot Square Ft: 15,000 Price/Unit: $129,800
Loan Amount: $449,000 APN: 026-164003 Age Built: 1950
Current Rent GRM: 11.15 Market GRM: 9.01 Roof: Wood Shake
Cap Rate: 4.63% ProForma Cap: 6.32%    
Rent Roll: Current: Market:
430 Pearl Unit A: Two Bed/One Bath $1,200 $1,350
430 Pearl Unit B: One Bed/One Bath $650 $900
215 S. Russ: House $1,350 $1,500
428 Pearl Unit A: Two Bed/One Bath $900 $1,350
428 Pearl Unit B: One Bed/One Bath $900 $900
Monthly Scheduled Rents: $5,000 $6,000
Scheduled Gross Annual Income: $60,000 $72,000
Less: Vacancy Factor @ 3% $1,800 $2,160
Plus: Laundry Income: $0 $0
Effective Gross Income: $58,200 $69,840
Less Expenses:
Property Taxes: 1.136% $7,370 12.66% $7,370 10.550%
Repairs and Maintenance: $980 $4,900 8.42% $4,900 7.02%
Property Management: 6% $3,492 6.00% $4,190.40 6.00%
Property Insurance: $4,160 7.15% $4,160 5.96%
Garbage: $0 0% $0 0%
Sewer: $223 $2,676   $2,6768 3.83%
Water: $210 $2,520 4.3% $2,420 3.61%
PG&E: $525 0.90% $525 0.75%
Laundry Equipment: $0 0% $0 0%
Landscaping:   $1,000 1.726% $1,000 1.43%
Miscellaneous: $1,500 2.58% $1,500 2.15%
Total Expenses: $5,629 $25,143 48.35% $28,841 41.30%
Net Operating Income: $30,057 $40,999
Annual Debt Service: 4.25% $26,760 $26,760
Before Tax Cash Flow: $3,298 1.65% $14,239 7.12%
Principal Reduction: $7,677 $7,677
Return Before Taxes: $10,975 5.49% $21,917 10.96%

 

Notes:

1. Property taxes are based on the 2019/2020 property tax bill and reflect new Proposition 13 rates. 
2. Repairs and Maintenance is based on $980 per unit per year. 
3. Property Insurance is based on Sellers most recent insurance bill. 
4. Building square footage is estimated. 
5. Tenants pay PG&E and garbage for the duplex units. Landlord pays water & sewer for duplex.
6. House tenant pays all PG&E, water and sewer. There is a second house PG&E meter for parking area lights.

 

 

 

Area Map

 

430 Pearl Street Area Map

 

 

Parcel Map

 

430 Pearl Street Plot Map


Download PDF Brochure

 

Subscribe to our Newsletter

Periodic news regarding our listings and services.