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Listed by Han Chen • Growth Investment Group Pasade
$7,000,000
Est. payment /mo
23,316 SqFt
UPDATED:
01/18/2025 05:36 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 23,316 sqft
Price per Sqft $300
MLS Listing ID CRAR25003166
HOA Y/N No
Originating Board Datashare California Regional
Year Built 2022
Lot Size 0.740 Acres
Property Description
LENDER OWNED 14-unit apartment community in the city of Bell, CA. 4704 Florence Ave is a newly constructed 14-unit Townhome style apartment that was completed in Dec 2022 (COO issued in 2023). The property was taken back by the lender/current owner in January 2024, providing a rare opportunity for savvy investors to buy a newly built asset that is NOT Under any Rent Control ordinance (buyer to verify – CA AB1482 Rent control kicks in on the 15th anniversary of the property) at a rock-bottom price. The subject property was appraised for over $9million back in May 2023. This investment offers a good 6.25% CAP Rate (buyer to verify) which makes it a positive leverage and cashflow deal with good future upside. This newly built property consists of 1 x 4bedroom+3bathroom, and 13 x 4bedroom+2bathroom townhouse style units that are spread over 4 different structures. The total building size is ±23,316 SF on a large ±32,240 SF C3 Zoned Lot. Each unit is large with an estimated size of ±1500-1700 SF (buyer to verify). It has the 5th building that is a 2-story building where 2nd floor is suitable for private office and 1st floor as a laundry room/self-storage, or could be converted into ADU. Each townhouse style apartment is a 3-story unit that has almost all the amenities typical tow
Location
State CA
County Los Angeles
Interior
Heating Other
Cooling Central Air
Flooring Laminate, Vinyl
Fireplace No
Laundry No Hookups
Exterior
View None
Building
Lot Description Level, Other
Water Public
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