After listing yesterday the following 8-unit apartment complex in North Oak Park, a buyer called me out of the blue. Apparently, he had been shopping for a home in the Curtis Park / Land Park neighborhoods for a while without hiring an agent. A former Land Park buyer referred him to me. He asked if I could show him a home in Curtis Park within the hour. Sure, I'll do that for a referral client. After walking through the home with his wife, the buyer announced they would like to write an offer.
The wife laughed, "I bet this is the easiest offer you've ever written." Well, no offers are really easy these days. But to tell her the truth, it was not the easiest offer this week. The easiest offer was for two other buyers for a home in East Sacramento. Because at least I got to see the home in Curtis Park. I haven't yet stepped foot in the home in East Sacramento and we're already in escrow. That's how busy we real estate agents are in Sacramento. It's a wild spring.
Here are 8 units for sale in North Oak Park. These are all one bedrooms, one baths, ranging from approximately 650 square feet to 750 square feet, professionally managed by Homepointe. Seven units are rented and one is vacant. Present gross monthly income is $3,620.
Each unit consists of a living room, bedroom, kitchen (with an electric stove) and a bath. They have a wall furnace and window air conditioner. The unit I inspected has a ceiling fan in the bedroom. There is parking in back and an open lot next door to the east.
This is a two-story building with half of the units on the second floor. It is located about two blocks east from Alhambra and two blocks north of Broadway. Easy access to freeways and downtown, close to shopping and restaurants. Sold strictly in "as is" condition. Individual SMUD meters.
3236 X Street, Sacramento, CA 95817 offered exclusively by Lyon Real Estate as a short sale at $304,000. Call your Sacramento short sale agent Elizabeth Weintraub at 916 239 2872 for more information.
Photos: Elizabeth Weintraub
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
Elizabeth: This sounds like great opportunity for some lucky Sacramento investor. An eight unit building offered for Short Sale at $304,000? Unreal.
Elizabeth you are the Pro of Short sales for sure, hope you are not losing any hair over it.
Hi Elizabeth,
Sounds like you are on fire - congratulations!
The only thing that surprised me, though, is that it sounds like you met a total stranger alone and at a vacant place. I'm probably missing something but if that's the case, that's pretty scary & dangerous.
Love your blogs.
Mary
Hi Chris Ann: The gross rent multipler is less than 7 on these units.
Hi Steve: Have you noticed how short my hair is lately?
Hi Mary: I think you missed the part where the buyers were referred to me. Referral buyers are not total strangers, and I do jump through hoops for my referrals.
Good post! Wonderful investments opportunity!
Thanks for sharing,
Adam