The whole building is NOT for sale. Purchase is for 50% ownership with another partner in the building. Individual units are not for sale. There are two owners of record. They own the property together for 35 years. They’ve lived for 35 years with a verbal agreement between them that each owner owns “their” units – the owner who wants to sell his half has been operating assuming the two downstairs were his and the owner who does NOT want to sell believes the two upstairs units are is. There is nothing in writing or on title/recorded that suggests that there are specific units that belong to each owner. There is no TIC agreement in place now – it’s all verbal between them.
UPSTAIRS A) the owner’s son lives for free in the 3 bedroom with his wife and 6 kids and B) there’s a tenant – also husband and wife and 6 kids in the other two bed 2 bath unit
DOWNSTAIRS A) empty nesters live for 900 in the 3 bed 2 bath. They’ve lived there since these owners own the building and they’ve never been raised B) a single woman lives for 1000/month in the two bedroom
Here’s how the rent breaks down:
RENT ROLL (as of February 2019)
Unit 321 – 3+2 – $900
Unit 323 – 3+2 – $0 (family of owner, pays no rent)
Unit 323.5 2+2 – $3,250
Unit 325 2+1 – $1,000
Each unit comes with its own washer/dryer. There are 4 separate electric meters. There is one shared water meter. There are two 2 car garages and one uncovered parking space.
Will only be accommodated with an accepted offer, proof of funds, and pre-approval.
*Escrow and Title both confirmed that title is held as tenants in common and the seller selling 50% CAN close without the consent of the other 50% partner. The purchase may need to be in cash unless a lender is willing to encumber the building based on title held as a 50% owner. Chris Furie from Insignia will lend 25% from a private lender.
The 3 bedroom downstairs can be delivered vacant at the close of escrow.