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$ 459,000
Est. payment /mo
Price Dropped by $20K
601 N Encina Street Visalia, CA 93291
5 Beds
5 Baths
2,946 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 2,946 sqft
Price per Sqft $155
MLS Listing ID 244786
Bedrooms 5
Full Baths 5
Year Built 1912
Lot Size 0.440 Acres
Property Sub-Type Single Family Residence
Property Description
Rare 5 bed / 5 bath historic home on a 0.44-acre corner lot in Visalia's Historic District, minutes from downtown. Built in 1912 with character throughout: hardwood floors, built-in cabinetry, a formal dining room and a classic covered front porch. Every bedroom has its own bathroom, making this a standout for a large or multigenerational family, co-living, sober living or a small care home. Out back: a private in-ground pool, a detached garage and a parking area, with plenty of room to add an ADU. Two HVAC systems, roof approx. 13 years old, foundation leveled in 2013, and solar. Priced well below recent sales in the area. The space and the bones are already here, and a few cosmetic touches bring out tremendous value. Sold as-is. ILLUSTRATIVE OPERATOR PROJECTIONS - 601 N Encina St (full detail on page 4 of the Brochure & Financial Projections PDF in Documents)
SENIOR CARE HOME - 5 rooms x 2 beds = 10 residents at $4,100/mo, 100% occupied
Gross revenue: $492,000/yr ($41,000/mo)
Operating expenses: $343,500/yr (24/7 caregiver staffing at 50% of revenue $246,000; food & supplies $42,000; utilities $14,400; insurance $12,000; licensing/admin $8,000; repairs $6,000; marketing $8,000; property tax + PACE $7,100)
Gross profit (NOI): $148,500/yr
Debt service: $28,885/yr
Net profit: about $119,615/yr (~$9,968/mo)
SOBER LIVING HOME - 5 rooms x 4 beds = 20 beds at $800/bed/mo, 100% occupied
Gross revenue: $192,000/yr ($16,000/mo)
Operating expenses: $92,000/yr (house manager $18,000; utilities/internet $31,200; supplies $4,800; insurance $8,000; drug testing/certification $7,500; repairs $9,000; marketing/admin $6,400; property tax + PACE $7,100)
Gross profit (NOI): $100,000/yr
Debt service: $28,885/yr
Net profit: about $71,115/yr (~$5,926/mo)
ASSUMPTIONS AND LIMITS: Debt service assumes a $459,000 purchase, 25% down, 7.5%, 30-year loan. Full occupancy assumed; each empty senior bed = -$49,200/yr, each empty sober bed = -$9,600/yr. Start-up costs (furniture, fire upgrades, licensing fees, working capital) and income tax not included. These are pro formas, not historical results - the property is vacant and not licensed. 10 or 20 residents exceeds the 6-resident threshold treated as residential use under state law; either plan would need City of Visalia approval (likely a CUP), state licensing for 7+ residents, fire/building review (sprinklers, exits, room occupancy) and historic-district review for exterior changes. 4 beds per room must meet occupancy code. Buyer to verify all assumptions.
SENIOR CARE HOME - 5 rooms x 2 beds = 10 residents at $4,100/mo, 100% occupied
Gross revenue: $492,000/yr ($41,000/mo)
Operating expenses: $343,500/yr (24/7 caregiver staffing at 50% of revenue $246,000; food & supplies $42,000; utilities $14,400; insurance $12,000; licensing/admin $8,000; repairs $6,000; marketing $8,000; property tax + PACE $7,100)
Gross profit (NOI): $148,500/yr
Debt service: $28,885/yr
Net profit: about $119,615/yr (~$9,968/mo)
SOBER LIVING HOME - 5 rooms x 4 beds = 20 beds at $800/bed/mo, 100% occupied
Gross revenue: $192,000/yr ($16,000/mo)
Operating expenses: $92,000/yr (house manager $18,000; utilities/internet $31,200; supplies $4,800; insurance $8,000; drug testing/certification $7,500; repairs $9,000; marketing/admin $6,400; property tax + PACE $7,100)
Gross profit (NOI): $100,000/yr
Debt service: $28,885/yr
Net profit: about $71,115/yr (~$5,926/mo)
ASSUMPTIONS AND LIMITS: Debt service assumes a $459,000 purchase, 25% down, 7.5%, 30-year loan. Full occupancy assumed; each empty senior bed = -$49,200/yr, each empty sober bed = -$9,600/yr. Start-up costs (furniture, fire upgrades, licensing fees, working capital) and income tax not included. These are pro formas, not historical results - the property is vacant and not licensed. 10 or 20 residents exceeds the 6-resident threshold treated as residential use under state law; either plan would need City of Visalia approval (likely a CUP), state licensing for 7+ residents, fire/building review (sprinklers, exits, room occupancy) and historic-district review for exterior changes. 4 beds per room must meet occupancy code. Buyer to verify all assumptions.
Location
State CA
County Tulare
Interior
Heating Central
Cooling Ceiling Fan(s), Central Air
Flooring Hardwood
Exterior
Parking Features Detached
Garage Spaces 2.0
Pool Private, In Ground
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
View Y/N N
Roof Type Composition
Building
Lot Description Back Yard, Corner Lot, Landscaped, Level
Story 1
Foundation Raised
Sewer Public Sewer
Listed by Mark Chu • HomeSmart PV and Associates