These flat- and townhouse-style apartments
will be ideal corporate housing or a long-term investment. Two fourplexes are on
separate lots (Lot 18A&B): the flat style units. The townhouse style units are
on one lot (Lot 18) at the end of the same street, Driftwood Way. All units
enjoy pleasant views of the harbor.
Units are mostly two bedroom, two baths.
There is one three bedroom unit. The Lot 18 units are 1064 sq.ft. each. The Lot
13 units are 948 sq.ft. and the three-bedroom is 1364 sq.ft.
The properties on the two lots 18A and
18B, the flat-style units can be sold separately: $278,500 each. The two
townhouse style buildings on Lot 13 are priced at $598,500 for the pair.
Rent rolls current as of the beginning of
this year (2004) and operating income statements are available in the
information package.
The ground lease is for 50 years from 1991
with two 20-year renewal options. Rates are in the information package.
The owner is GCI, which will carry the
financing for a qualified buyer, 10% down. It is expected that the properties
would also qualify for more attractive AHFC rates, however.
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