CC 2018-01-23_09e PP Residential Lease_202 E Le Point StreetItem 9.e.- Lease Renewal for 202 E. Le Point Street
1st year of City lease take over and 1st renewal
Tenants have lives in house for several years
House built in around the 1940’s
Site
N. Mason
Le Point
E. Branch
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Rational behind the increase in rent for this annual lease renewal and increase from the existing $1,000.00 monthly rental fee to $1,100:
Increase in rent by 10% to move closer to “Market Value” of approximately $1,400.00
Other considerations :
- in the Village Core but in the middle of a City owned Parking Lot
- approx. 800 sf 2 bedroom 1 bath, older structure built in the 1940s
- structure has not been updated (i.e. some replacement windows and some older single pain windows, kitchen appliances and finishes are older) - newer wall heater installation done
recently
- no private yard and car traffic throughout the night
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Comparative living units to the approx. 800 sf Single Family Residence:
1.) 271 S. Halcyon Rd. Villa Azul Apartments, AG
2 bedroom 1 bath - 725 sf = $1,625
2.) 271 S. Halcyon Rd. Villa Azul Apartments, AG
1 bedroom 1 bath – 650 sf = $1,425
3.) 314 S Mason St. APT B, AG
bedroom 1 bath 754 sf = $1,350
4.) 562 N. 16th St., GB
2 bedroom 1 bath approx. 850 sf = $2,100 front yard and backyard in a neighborhood
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