140 E A St, Port Hueneme, CA 93041

Property Description

This property, located on a very quiet and well-kept street, is less than one mile from the beach and port area. An obvious pride-of-ownership individually- metered (electrical & gas) 4-Plex with all large (935 sq. ft.) two-bedroom / one-bathroom units that include laundry hook-ups and individual closet water-heaters, most of which have upgraded kitchens with quartz counter tops, new sink and cabinets and new unit flooring, with the building incorporating seller upgrades of the stairway wood steps and railing and all-wood unit balconies to metal railings and concrete block steps. The major and most costly building components, including the roof, plumbing and electrical systems, appear to be in average-to-good condition. Tenant composition follows: Unit 1 tenant moved into that unit in May of this year and pays a monthly rent of $1,750; the rent could be increased 10% based on CPI statistics and in compliance with AB-1482, the statewide rent control, to $1,925/month. The unit 2 tenant, which currently pays a monthly rent of $1,525. has been occupying that unit for approximately 10 years; seller will be raising the monthly rent to $1,675 effective April 1st. The tenant in unit 3 is expected to vacate that unit the first of January; given the very tight rental market, it is expected that unit will likely be re-leased to a new tenant by sometime in February with a projected market rent of $2,095. The tenant in unit 4, which is currently paying a monthly rent of $1,675, moved into that unit October 15, 2016. The seller will be giving this tenant a 10% rent increase notice that will increase the rent for that unit up to $1,825 per month effective April 1st.