BELOW REPLACEMENT COST

37 COMPLETED CONDOMINIUMS

BRAWLEY, CA

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LOCATION: The property is located just north of Main Street in Brawley's best neighborhood at 585 W. H Street; the northeast corner of H Street and Las Flores Drive. Shopping, commercial support and recreational opportunities are all nearby.
DESCRIPTION: The property is a fully landscaped condominium project containing 40 completed condominiums; 3 units were previously sold to private buyers who live in the units. 37 completed condominiums are available. See attached summary chart.

5 two-story buildings, with 15 1-bedroom, 14 2-bedroom and 8 3-bedroom units
12 garages and 65 carports; a variety of laundry and storage areas.
  Fully landscaped and professionally maintained.
About 23 units are presently rented with an average rental rate of about $810/month. Because the Receiver took control of the project, some unusual expenses have been incurred. A Homeowner Association is being established.
Some investors may seek a straight rental project with the strategy of increasing income and  reducing operating expenses; others may consider the rental program as an interim holding strategy until the market returns and unit sales can be optimized. Units previously sold in the project in the $200,000s.
NO WARRANTIES: This sale is on an "As-Is" "Where-Is" basis with "all its faults." The Receiver has limited information concerning the property. Buyer must conduct their own independent research, analysis and due diligence.
PRICE: $2,600,000; all cash. Less than $71,000/unit.
MISC: A State Court Appointed Receiver has ordered the "bulk sale" of the 37 completed units in the Las Flores Villas project.
CONTACT: Larry Lynch - (818) 787-3077 for additional information.
SITE INSPECTION: Darren Smith, Smith-Kandal Real Estate is the local representative and can be reached at his office (760) 344-2212 or cell (760) 455-8661.
     

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DISCLAIMER NOTICE TO BUYER:  The above information is assumed to be correct, but not guaranteed.  Please click here to view our full disclaimer.

KOREK LAND COMPANY, INC.

15230 Burbank Blvd., Suite 101, Sherman Oaks CA 91411

Telephone:  (818) 787-3077; Fax:  (818) 787-9677

E-mail:  mail@korekland.com

DRE 00861992