$1,600,000
$1,650,000
3.0%For more information regarding the value of a property, please contact us for a free consultation.
8 Beds
4 Baths
0.42 Acres Lot
SOLD DATE : 09/16/2024
Key Details
Sold Price $1,600,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SB24145024
Sold Date 09/16/24
Bedrooms 8
HOA Y/N No
Lot Size 0.415 Acres
Property Description
Currently Two Single Family Homes and one Duplex on oversized 18k sqft lot. A large portion of the lot is completely undeveloped and is already entitled and fully approved for 4 more units (Two Duplexes) which have permits Ready to Issue and buyer can begin construction immediately. One of the homes was completely remodeled in 2023 and is collecting $2,595 in rent. All tenants are quality people and not only have zero issues but are wonderful people to work with and pay rent on time. Property is being offered at $1,650,000 which is significantly cheaper than many four unit buildings nearby that have sold with smaller lots and no approved plans. The fully approved plans give a buyer the immediate ability to significantly increase the cash flow of the property. Bids are available by request. Total construction cost for four units estimated $550k and will return to buyer $10,800 monthly or $129,600 annually or a 23% annualized return on the new 4 unit built. New construction buildings sell for an average of $509k/unit.
Currently Two Single Family Homes and one Duplex on oversized 18k sqft lot. A large portion of the lot is completely undeveloped and is already entitled and fully approved for 4 more units (Two Duplexes) which have permits Ready to Issue and buyer can begin construction immediately. One of the homes was completely remodeled in 2023 and is collecting $2,595 in rent. All tenants are quality people and not only have zero issues but are wonderful people to work with and pay rent on time. Property is being offered at $1,650,000 which is significantly cheaper than many four unit buildings nearby that have sold with smaller lots and no approved plans. The fully approved plans give a buyer the immediate ability to significantly increase the cash flow of the property. Bids are available by request. Total construction cost for four units estimated $550k and will return to buyer $10,800 monthly or $129,600 annually or a 23% annualized return on the new 4 unit built. New construction buildings sell for an average of $509k/unit.
Location
State CA
County Los Angeles
Area Bell (90201)
Zoning Assessor
Building
Story 2
Others
Monthly Total Fees $277
Acceptable Financing Cash, Conventional, Exchange
Space Rent $1,336
Listing Terms Cash, Conventional, Exchange
Financing Conventional
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Bought with Jerry Macias • Vida Real Estate
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1615 Murray Canyon Rd Suite 110, Diego, California, 92108, United States