August 8, 2012

The units are unusually large

Who wants to make a small fortune in real estate?  You know what to do: start with a large fortune.  That is, unless you’re investing in Real Bay Area real estate.  Then all you have to do is let the checks roll in while the property appreciates every single minute!

Thanks very much to Burbed reader Michael Boltonestater for this bodacious apartment block in… of course!  Mountain View!  In case you haven’t already noticed, we’re giving Mountain View a lot of extra love for three days in a row.  Why?  Because we didn’t talk about them once last week!

1720 WRIGHT Ave
Mountain View, CA 94043
$2,200,000

120807-wright-redfin

120807-wright-toiletBEDS:  -
BATHS:  -
SQ. FT.:  8,120
$/SQ. FT.:  $271
LOT SIZE:  0.55 Acres
STORIES: 2
YEAR BUILT:  1969
COMMUNITY:  North Shoreline
COUNTY:  Santa Clara
MLS#:  81228487
SOURCE:  MLSListings
STATUS: Active
ON REDFIN:  9 days

The units are unusually large, averaging 902 square feet. They offer private backyards and balconies that face an expansive green space protected by the city. Built on over half an acre the land offers the investor a very strong long-term investment as both a rental property or a for sale redevelopment opportunity. The property is less than a mile from a number of major Mountain View employers.

120807-wright-fenceEvery real estate purchase is an opportunity in the RBA, and this is a great example.  We particularly like the realtard’s 100% correct but absolutely useless claim that the units average 902 square feet. The listing info says the building has eight one-bedroom apartments, each 865 square feet, and one 2/1 apartment, weighing in at 1200 sf. 

Are you on the fence about buying this place?  So’s the math!  The Gross Rent Multiplier is 15.03, right in between buy versus rent.

And speaking of opportunity, check out the location!

120807-wright-satellite

Looks like you’ll have a front row seat on whatever’s going in that right-of-way!  Maybe if you’re really lucky that’s the alternate route for High Speed Rail!

 

Comments (15) -- Posted by: madhaus @ 5:10 am

15 Responses to “The units are unusually large”

  1. SEA Says:

    “We particularly like the realtard’s 100% correct but absolutely useless claim that the units average 902 square feet.”

    Average is a measure of central tendency, and in this case the median = mode = 865, so I’m not willing to suggest that the realtard is 100% correct. Maybe 50%, but that’s a bit of a stretch.

  2. Maria Says:

    For the love of real estate, can you please put the toilet seat down before taking a photo of the bathroom? Why do they always do this? Gross.

  3. nomadic Says:

    In case you haven’t already noticed, we’re giving Mountain View a lot of extra love for three days in a row. Why?

    Because Mountain View is the New Palo Alto!

    #1, you’re splitting hairs. The Realtard was 100% mathematically correct.

  4. SEA Says:

    #2- The mean is 902, yes, but is that the average?

  5. dollarbin Says:

    That right-of-way is the Hetch Hetchy Aqueduct.

  6. nomadic Says:

    Google (and I) say yes:
    av·er·age/ˈav(ə)rij/
    Noun:
    The result obtained by adding several quantities together and then dividing this total by the number of quantities; the mean.

  7. SEA Says:

    From my dictionary:

    “a single value (as a mean, mode, or median) that summarizes or represents the general significance of a set of unequal values”

  8. SEA Says:

    If you wanted “average annual return” you’d better be using geometric mean, since arithmetic mean is generally useless, unless the number of periods or duration is very small.

    In AC electrical theory, the “average” is usually RMS, Root Mean Squared. Hopefully it is totally obvious that, practically speaking, the average voltage is zero, pk-pk, with center tap grounded = 0v.

  9. herpderp Says:

    The astroturf in the photos is particularly attractive.

  10. SEA Says:

    What is the average net worth of a FB employee?

  11. nomadic Says:

    I’m waiting for a comment about ROUS’s. An unusually large unit deserves a rodent of unusual size.

  12. Divasm Says:

    ROUS’s are inconceivable.

  13. madhaus Says:

    You keep using that word.

  14. madhaus Says:

    #4 (who used to be #3), you are referring to the former #2, which now is #3. That’s because the current #2 was sent to the pending queue. Who knows why? Sorry about that, Maria.

  15. herpderp Says:

    #2, that was my REA’s pet peeve when I was house-hunting (in the Seattle area, not the RBA). If we came across a listing with a toilet seat up, she forbid us from going to look at it. True story. :)


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)