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Additional details
$ 7,000,000
Est. payment /mo
Pending
4704 Florence Avenue Bell, CA 90201
8 Beds
5 Baths
0.74 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Pending
Purchase Type For Sale
MLS Listing ID AR25003166
Bedrooms 8
HOA Y/N No
Lot Size 0.740 Acres
Property Sub-Type Res Income 2-4 Units
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 townhome unit has: attached 2 car garages, central A/C and heating, Tankless water heater, Double pane windows, Recessed LED Lighting, Balcony and sundeck. The property is fully occupied with tenants providing a stable income yet allowing future upside recapture through annual rent increases. Each unit has mode
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 townhome unit has: attached 2 car garages, central A/C and heating, Tankless water heater, Double pane windows, Recessed LED Lighting, Balcony and sundeck. The property is fully occupied with tenants providing a stable income yet allowing future upside recapture through annual rent increases. Each unit has modern amenities like quartz kitchen countertops, vinyl/wood flooring, recessed lighting, automatic garage opener, and much more. The property has a long driveway that opens to the main residential area in the back, thus providing extra privacy and sound-barrier from Florence Ave traffic. Parking is provided by 28 garage parking and there are several additional open space parking areas (5 open + 1 disabled + 4 spaces in the fire lane area). The area is a mixture of residential/commercial areas with superb access to FWY 710 that connects to FWY 5, FWY 101, and FWY 105. It offers density and high demand for rental units providing a steady base of future tenants when theres a vacancy in the future.
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 townhome unit has: attached 2 car garages, central A/C and heating, Tankless water heater, Double pane windows, Recessed LED Lighting, Balcony and sundeck. The property is fully occupied with tenants providing a stable income yet allowing future upside recapture through annual rent increases. Each unit has modern amenities like quartz kitchen countertops, vinyl/wood flooring, recessed lighting, automatic garage opener, and much more. The property has a long driveway that opens to the main residential area in the back, thus providing extra privacy and sound-barrier from Florence Ave traffic. Parking is provided by 28 garage parking and there are several additional open space parking areas (5 open + 1 disabled + 4 spaces in the fire lane area). The area is a mixture of residential/commercial areas with superb access to FWY 710 that connects to FWY 5, FWY 101, and FWY 105. It offers density and high demand for rental units providing a steady base of future tenants when theres a vacancy in the future.
Location
State CA
County Los Angeles
Area Bell (90201)
Zoning Seller
Interior
Cooling Central Forced Air
Exterior
Parking Features Unit1:Assigned
Building
Story 3
Level or Stories 3 Story
Others
Monthly Total Fees $238
Acceptable Financing Cash
Space Rent $3,500
Listing Terms Cash
Special Listing Condition REO
Listed by Han Chen • Growth Investment Group Pasade
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