El Porto

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224 Kelp St Offered at $1,849,000 by out of area broker
1400 sq ft duplex consisting of top 2/1 and bottom 1/1
Standard half lot
Rents 3900,2225 makes this a bit more compelling than the competition presently for sale in El Porto but still a tad out of reach in my estimation. Estimated close: 1,775,000.
Source CRMLS
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130 40th St Offered at 2,200,000 by REMAX ESTATE PROPERTIES

1772 sq ft duplex with 2, 2 bed 2 bath units. Built in 1972.
Rents 7200 makes this priced at 25x rents on a land value of roughly 1.4-1.5mm. At roughly a 3 cap, compare to recent closing at 123 40th at $2,137,500 which current rents were listed at 8100,with a similar land value, and almost a 4 cap. Of course duplexes closer to land value can sell as low as 2.5 cap and 30x rents but that is a function of the value of the land, not the rents.

Estimated close: 2,000,000
Source CRMLS
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WAY TO GO! Everyone who took time to comment on the desalination plant!! I attended and spoke at city council last...

Posted by Bob Sievers on Wednesday, February 17, 2016

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