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Key Details
Sold Price $1,380,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SB21008900
Sold Date 04/16/21
HOA Y/N No
Year Built 1955
Lot Size 9,583 Sqft
Acres 0.22
Property Description
The three detached 2/1 homes & 1/1 duplex offers amenities such as washer & dryer hookups & greenspace. Three of the units have been outstanding remodels new windows kitchen cabinets etc. The property offers cash flow at asking price on actual numbers & has upside too! Sellers have issued 30-day rent increases to tenants effective 4/24/2021. Achieve over a 5% cap rate w/Market rents. Owners are 1031 exchanging and want a solid buyer who can demonstrate they can close and show proof of funds and pre-qualification letter with schedule of real estate they own. Property has open parking in front and rear. Approx. 8 spaces. New upgraded electrical panel with permits for $30,000. There is space for an ADU too, buyer to confirm.
Location Overview:
Bell Gardens is in zip code 90201 and is east of the 710 & Firestone exit near Downey. There is a large park nearby on Ira Ave. and many businesses in the area.
Property Highlights:
> Property is over 4.5% cap rate 13.2 GRM
> Market Rents projection for 5.5% cap rate & only 12.25 GRM
> 5 units 3 2/1 homes detached with privacy & greenspace 2 1/1 duplex
> Remodeled with washer & dryer hookups, 3 units with new kitchen cabinets, quartz counters, faux wood blinds, new paint, & recessed lighting etc.
> Cash flows well with rents still below market
> 8 Parking & space for ADU (check with city).
> Easy to finance operating history
> Professionally Management will stay with new owners purchase
> All Tenants Paying the Rent
Location
State CA
County Los Angeles
Area T3 - Bell Gardens, Bell E Of 710, Commerce S Of 26
Zoning BGR3PD*
Rooms
Ensuite Laundry In Kitchen
Interior
Interior Features Ceiling Fan(s), Stone Counters, All Bedrooms Down
Laundry Location In Kitchen
Heating Natural Gas, Wall Furnace
Cooling None
Flooring Vinyl
Fireplaces Type None
Fireplace No
Appliance Gas Cooktop, Gas Oven, Gas Range, Gas Water Heater
Laundry In Kitchen
Exterior
Garage Assigned
Fence Average Condition, Chain Link, Fair Condition
Pool None
Community Features Curbs, Sidewalks
Utilities Available Natural Gas Connected, Sewer Connected, Water Connected
View Y/N No
View None
Roof Type Common Roof,Shingle
Accessibility No Stairs, Parking, See Remarks
Parking Type Assigned
Total Parking Spaces 8
Private Pool No
Building
Lot Description 0-1 Unit/Acre, Landscaped
Story 1
Entry Level One
Foundation See Remarks
Sewer Public Sewer
Water Public
Architectural Style Bungalow
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 6228022033
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Acceptable Financing Cash to Existing Loan, Cash to New Loan, 1031 Exchange
Listing Terms Cash to Existing Loan, Cash to New Loan, 1031 Exchange
Financing Cash
Special Listing Condition Standard
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Bought with William Mulkey • TR Wealth Management Inc.
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