Get On The Mailing List for Upcoming And Pocket Listings

Be the first to know about upcoming and pocket listings for homes and investment property.
Email your desired asset type with specific details to receive updates on the properties coming
to market soon.

Commercial real estate agent says property owners must protect against the ADA

Interview with Don Simkovich

 

Apparent lawsuit abuse related to the Americans with Disabilities Act (ADA) is costing property owners in California tens of thousands of dollars with costs passed along to tenants and shoppers.

The website, ADA Abuse.com, states there have been 14,000 ADA/accessibility suits in the past few years filed by a small number of attorneys.

The lawsuits are happening in Los Angeles, Sacramento, and smaller cities. Commercial real estate agent Peter Silvester calls the actions “predatory” and says the problems are affecting property owners with shallow pockets.

“The infractions might be a door knob that’s a few inches from being ADA compliant. In other cases there are boxes or aisles that aren’t wide enough per ADA standards,” said Peter, a commercial property agent with Keller Williams in Los Angeles.

“This is how they can go after the business itself or the property owner depending on where the violation lies. Lawyers say they have a higher motive of serving the disabled community, but if they wanted to serve the community they would have more inspections to make sure buildings are up to code.”

Peter said he advises clients to do what they can to be prepared. At a minimum, properties should be held in a Limited Liability Corporation and investors buying a building need to ensure inspections are conducted for ADA compliance.

“When purchasing a commercial building make sure you have it investigated to be up to ADA standards. You can also call the local city inspectors. If you do, you’ll need to follow through on repairs or renovations they note and this could be costly.”

He said the most vulnerable buildings that are prime targets for lawsuits are older ones that are grandfathered in.

“Attorneys and individuals are activists. There was a case in Sacramento where the owner was on site and never saw the individual who made the complaint.”

For more information, visit Peter Silvester’s website and ADAabuse.com for details on specific cases.

Southern California real estate investors can look to Antelope Valley for value

By, Don Simkovich:

Property investors looking to purchase in Southern California should consider buying rental units in Palmdale and Lancaster.

Commercial and residential realtor Peter Silvester of Keller Williams Realty says positive cash flow is one of the most apparent benefits.

“Houses in Palmdale, Lancaser, Victorville are still priced lower than the cost of new construction,” he told me during an interview. “Rents pay for the house in no time and pay for mortgage you would have even with zero money down.”

The Antelope Valley is about a one-hour drive from the San Fernando Valley so a hands-on owner should plan to visit during off-rush times and create an online system for paying rent or hire a property management company.

Peter says the region has a strong rental market.

The area is home to 475,000 residents and housing prices are 30 percent to one-half less than many other markets according to the Greater Antelope Valley Economic Alliance.

The Alliance also states the cost of doing business in the region is much less than Long Beach, Phoenix, Arizona, and Austin, Texas.

The Alliance website states, “Our region is unique to California in that it offers a business friendly climate through the cooperation of our residents, cities, and elected officials.”

Lancaster Mayor R. Rex Parris has visited China five times and hopes to woo Chinese companies to his Antelope Valley city. He says his goal is to attract investment, which translates to jobs, and could reduce commutes of Lancaster residents into L.A.

The result could ultimately be stronger rental prices and make the area even more attractive for investors.

 

Studio City Income Property

7 OVERSIZED UNITS for only $1,980,000

12953 Moorpark St Studio City, CA 91604-1452

 Cross St: Coldwater Canyon Ave
Listings as of 06/05/14 at 10:04am
Prop Type Residential Income Prop Subtype(s) Residential Income
Area Studio City Subdiv/Tract Not Applicable-STUD
Beds 11 Approx Square Feet 7084 Public Records
Baths(FTHQ) 0 (0 0 0 0) Price/Sq Ft $279.50
Year Built 1963 Lot Sq Ft (approx) 6350 ((Public Records))
APN/Tax ID 2362012003 Lot Acres (approx) 0.1458
DOM/CDOM 1/1

 

 

 

 

 

 

Directions  Located on Moorpark Street, just eight lots west of Coldwater Canyon Avenue (between Van Noord Avenue and Morse Avenue)
Marketing Remark  Fantastically Rare Investment Opportunity nestled in the Highly Desirable and Prime Studio City Location. Fully Occupied and Well Maintained LARGE 7 UNIT COMPLEX consists of 7,084 sq ft, situated on a 6,350 sq ft lot. OVERSIZED UNITS: FOUR 2-Bed/2-Bath and THREE 1-Bed/1-Bath. Several recently upgraded units (new double paned windows, sliding doors, granite countertops, hardwood floors and updated kitchens and baths. VIEW PICS!). The building showcases new paint, a recent stucco overhaul, new lighting/security fixtures, new professional landscaping (auto sprinklers), and an upgraded hot water heater. The property also has plenty of conveniently covered parking spaces, additional street parking, a large laundry room, and each unit is separately metered for electricity. PRIME LOCATION: Walking distance to Ventura Blvd’s fine dining, trendy shops and entertainment. This charming 7 UNIT COMPLEX is truly unique. The property has a very HEALTHY EXISTING RETURN as the RENTS CONTINUE TO CLIMB!

State CA Country USA
CrossStreets Coldwater Canyon Avenue Property Directions Located on Moorpark Street, just eight lots west of Coldwater Canyon Avenue (between Van Noord Avenue and Morse Avenue)
Service Level Full Service Special Conditions Standard Sale
Terms Cash, Cash To New Loan Included in Sale Washer and Dryer (Located in the Laundry Room)
Zoning LAR3 Sign On Property No
Tax Mello Roos No Lot Description Premium Lot (N), Alley Paved, Curbs, Front Yard, Landscaped, Street Lighting, Lawn, Street Paved, Lot Shape-Rectangle, Lot-Level/Flat, Utilities – Overhead, Paved Sidewalks (N)
Lot Location Alley Access, Near Public Transit, City View No
Other Prop Features Balcony, Partial Copper Plumb Property Condition Updated/Remodeled
Disclosures Rent Control TotalUnits in Complx 7
# of Buildings #1 # Sep Electric Meter #8
# Sep Gas Meters #1 # Sep Water Meters #1
Construction Frame and Stucco Common Walls Detached
Stories/Levels Two Level DwellingStories 2
Total Floors 2 Entry Location Side (N)
Appliances Dryer, Washer Kitchen Features Remodeled (N), Granite Counters (N)
Front of House Faces Faces South Ext Construction Stucco
Flooring Carpet, Hardwood, Tile (N), Mixed (N) Cooling Type Air Conditioning, Ceiling Fan(s), Wall Unit(s), Electric
Pool Y/N No Spa Y/N No
Fireplace Y/N No Laundry Locations Community, Laundry Area, Individual Room
Security/Safety Extr Security Lights, Smoke Detector Roofing Flat Roof
Sewer In, Connected & Paid Water Public, Paid
Water Htr Features Strapped (N), Gas Total Covered Spaces 7
Total Carport Spaces 7 Total Other Spaces 1
Total Parking Spaces #8 Parking Type On Street, Carport, Parking Space, Private (N), Tandem
Parking Features Covered Parking HOA No
# of Units Leased 7.00 Cap Rate 3.97%
Vacancy Allowance % 5.00% Vacancy Allowance $ $445.00
Laundry Income $150.00 Monthly Gross Income $8902.00
Operating Expenses $2355.00 Gross Operating Inc $106824.00
Total Annual Op Exp $28260.00 Net Operating Inc $78571.00
Gross Schedule Inc. $106824.00 Gardener 100.00
Insurance $245.00 Maintenance $100.00
Trash $98.00 Landlord Pays For Water, Gas
Unit-1 # Of Bed 2 Unit-1 # Of Baths 2.00
Unit-1 Rent/Month $1430.00 Unit-1 Proj Rent/Mo $1650.00
Unit-2 # Of Bed 1 Unit-2 # Of Baths 1.00
Unit-2 Rent/Month $1125.00 Unit-2 Proj Rent/Mo $1250.00
Unit-3 # Of Bed 2 Unit-3 # Of Baths 2.00
Unit-3 Rent/Month $1512.00 Unit-3 Proj Rent/Mo $1650.00
Unit-4 # Of Bed 2 Unit-4 # Of Baths 2.00
Unit-4 Rent/Month $1467.00 Unit-4 Proj Rent/Mo $1650.00
Unit-5 # Of Bed 1 Unit-5 # Of Baths 1.00
Unit-5 Rent/Month $1004.00 Unit-5 Proj Rent/Mo $1250.00
Unit-6 # Of Bed 2 Unit-6 # Of Baths 2.00
Unit-6 Rent/Month $1173.80 Unit-6 Proj Rent/Mo $1650.00
Unit-7 # Of Bed 1 Unit-7 # Of Baths 1.00
Unit-7 Rent/Month $1040.00 Unit-7 Proj Rent/Mo $1250.00

Studio City Residential Income Property: 7 Units

Multifamily income property a good hedge against inflation.

Invest in your retirement today.

 

Back 2 Back Lots for Sale in North Hollywood’s Arts District

Screen shot 2014-05-31 at 12.16.51 PM