An investor looking to begin building a portfolio and provide for their own housing can purchase the property and begin building equity at a very reasonable price. With rents in the area for remodeled two bedrooms in the $2,400-$2,800 range, an investor/owner can acquire the property and after taxes and insurance and all expenses associated with owning rental property the owner will only need to pay themselves $3,899 per month to own a property 1 mile from the beach. Two bedroom units rent for between a low of $2,045 ($2.87/SF) and as high as $3,100. An investor who maintains the property in it’s current condition will continue to benefit from an ease of management property in a improving location. The residential component of Pacific City will add units targeting high net worth individuals. Pacific City 2 bedrooms are currently starting at $3,900 and are filling up as fast as they are completed. The availability of these high end units will attract tenants that want to live close to Pacific City but want to pay slightly less for a great location. 1008 Florida with it’s tastefully remodeled twos, private patio spaces, and garages will continue to attract tenants with increasing disposable income.
Based on information from California Regional Multiple Listing Service, Inc. as of May 30th, 2020 at 11:56pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.