Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
1001 Simmons Avenue . South Montebello , CA 90022
For sale 7 units 3 Buildings with Courtyard built 1949 renovated in 2021.Perfect for Section 8 Tenants! For more information contact the listing agent Aida Memary Scher 818-212-2678 Aida.Memary@marcusmillichap.com
Posted: 04/21/2022 6:05 pm
| On HOMEiZ: 738 days |
Updated: 2 years ago
| Views: 384
Location Map
Property Type
Sold
Property Price
$1750000
$1750000
04/21/2022
7,447.00
Sq. Ft.
$602
2907
2.0%
4.52%
$0
$79100
14.55
$0
1.25%
$21875
Property Location & Description
For sale 7 units 3 Buildings with Courtyard built 1949 renovated in 2021.Perfect for Section 8 Tenants! For more information contact the listing agent Aida Memary Scher 818-212-2678 Aida.Memary@marcusmillichap.com
Rent Control
this 7-unit property sits on a large 7,447 square foot lot, and it is comprised of all 1 Bed / 1 Bath units. This offering is made up of 3 different buildings on one lot with a well maintained courtyard in between. Furthermore, the property has an alleyway behind and to the side of the property which leads to 7 parking spots behind the building (1 parking spot for each 1 Bedroom unit). The sellers of this property as spent nearly $500,000 on renovating this property in the last 2.5 years. Most notably, they replaced all three roofs at the property, put in all new plumbing and electrical systems, renovated all common areas including installing an exterior fence around the property and cleaning up the common area courtyard, and they also fully renovated 5 of the 7 units. This offering is the perfect property for section 8 tenants, where the majority of the rent would be paid for and guaranteed by the government. With the maximum allowable rents for section 8 tenants being increased in October 2021, each of these 1 Bed units can be rented for $1,764 per month. A savvy buyer who leases all of these units to section 8 tenants will be able to get this property's rental income up to $12,348 per month ($125k per year), nearly 20% more than is currently being collected.
Located in East Los Angeles, California.
7
$250000
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
1+1
7
2.
3.
4.
5.
633-9001-036
LAR3
80%
2
1949
Very good
Built in 1949 | Renovated in 2021
Perfect for Section 8 Tenants
20% Upside in Rental Income
7 Parking Spots (1 for each unit)
3 Buildings with Courtyard
Property Information
Sewer
Sewer System (Public)
Parking
Off-street
On-street
Assigned Parking
8
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Pioneer
More information
Listing Presented by
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