Milan Properties, Inc

Type: Apartment Buildings
Agent Name: Milan P. Rubenstein
Price: USD $ 5,500,000
Featured: Yes

Marketing Package

Property Description:
Prime location of Sherman Oaks. Huge remodeled units with hardwood floors, tiles, new fixtures and appliances. Balconies & individual water heaters in all the units. Copper horizontal pipes. Newer roof. Elevator installed in 2001. Swimming Pool, Parking, Corner Lot! This deal has the best assumable existing financing already in place at 5.4% rate fixed for 7 years with a 3 years interest only loan. It's non recourse and you can put seconds on it with only 22% down!

Location Description:
Located on a major thoroughfare, the subject property is also just north of the 101 freeway and is encircled by Magnolia Boulevard to the North, Riverside Drive to the South, Whitsett Avenue to the East and Woodman Avenue to the West. In addition, the Commuter Amtrak Line is minutes north of the subject
property and the Burbank (Bob Hope) Airport and Van Nuys Airport lie within close proximity.

No. Stories:	3	Commission Split:	2%
Parking Ratio:	1.5 / 1,000 SF

Highlights

• Swimming Pool • Huge Units and Great Unit Mix   • Beautiful Remodeled Apartments • Great Sherman Oaks Location   • Individual Water Heaters, Copper Plumbing, Newer Roof • Elevator, Parking

Financial Summary Actual Year: 2008 Scheduled Gross Income: $501,000 Effective Gross Income: $501,000 Operating Expenses: $125,750 Net Operating Income: $365,230 Pre-Tax Cash Flow: $76,154		Unit Mix Information 3+2 No. Units: 10 Avg. Mo. Rent: $2,310   2+2 No. Units: 8 Avg. Mo. Rent: $1,850   1+1 No. Units: 2 Avg. Mo. Rent: $1,200   Studio No. Units: 1 Avg. Mo. Rent: $1,150		Debt & Equity Information Debt Type: Existing Loan Amount: $4,290,000 Interest Rate: 5.40% Amortized Over: 30 Due In: 15 Annual Debt Service: $289,076 Down Payment: $1,210,000   Loan Description: Assumable Loan

Company: Milan Properties, Inc