| 1025 Carberry
Gardens - SOLD |
 Seldom
does a 3 bedroom, second floor corner suite come available in
this building. Spectacular unobstructed Ocean and Mountain Views
- Master bedroom ensuite - 23 ft. living room with floor to
ceiling windows,large balcony, and hot water heating. - An excellent
opportunity ready for your decorating ideas.
| PRICE: |
$869,000 |
| ZONING: |
R1-B Residential |
| LEGAL DESCRIPTION: |
Lot 17, Section 74, Plan 752 |
| TAXES: |
$4591.84 |
| LAND SIZE: |
63.5’ Frontage
127’ Average depth
|
| MECHANICAL: |
Main - 400 Amps, all suites separately
metered
Hot Water – Electric individual
tanks
Heat – Electric baseboard paid
by tenants |
| PARKING: |
Six Spaces |
|
| Total Gross Income: |
$62,280.00 |
| Taxes: |
$ 4,491.84 |
| Insurance: |
$ 1966.00 |
| Garbage Removal: |
$ 706.00 |
| House Meter : |
$ 350.00
|
| Water/Sewer : |
$ 1085.00 |
| Maintenance, Clean, Window Washing,
Landscape, and Misc. : |
$ 1200.00 |
| Total Expenses : |
$ 9899.00 |
| Net Income before Financing : |
$52,381.00 |
| Mortgage Payment $3490.24 x 12 : |
$41,882.88 |
| Net Cash Flow : |
$10,498.12 |
| Principle Reduction / Year (estimate) : |
$12,000.00 |
| Net Income (estimate) : |
$22,498.00 |
|
| Mortgage: |
| Approximate: |
$565,000.00 |
| Interest Rate : |
5.39% |
| Due Date : |
November 1, 2007 |
| Assumable for qualified
buyer, Seller may carry second mortgage for qualified
buyer. |
DESCRIPTION OF THE IMPROVEMENTS
The subject property was originally constructed in 1908 as a single family mansion.
In 1980 the property was rezoned and converted into a six unit apartment. At that time the structure was lifted and raised and placed on a new foundation with proper footings and surrounded by new perimeter drains. The entire conversion was supervised and constructed in full compliance with all applicable building codes and City inspections. The building is fully insulated and all suites are individually fire separated from one another. The building received all new wiring and plumbing. All suites have their own hot water tanks. Upon completion of this total reconstruction in 1980 the building was essentially new.
The following renovations were completed in 2002:
- All new thermopane windows with 10 year warranty (not frames)
- New gutters and downspouts
- Exterior windows and door insulation
- New kitchens and bathrooms
- New lighting fixtures, outlets and switches
- New bathroom hardware
- New flooring in kitchens and bathrooms
- All suites freshly painted
- New interior window and door linings and casings
- New floor mouldings
- Partial new cedar shingle siding
- Suite #1 was “not” renovated
In addition to the above, there is a new bicycle storage shed and new coin-operated washer and dryer.
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