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According to the listing agent, this listing is a bank owned (foreclosed) property. |
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 there’s a vacancy in the future.
Property Type(s):
Residential Income
| Last Updated | 1/6/2025 | Year Built | 2022 |
|---|---|---|---|
| Community | Maywood, Bell | Garage Spaces | 28.0 |
| County | Los Angeles |
Additional Details
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Range, Refrigerator |
| AREA | Maywood, Bell |
| GARAGE | Assigned, Direct Access, Garage, Yes |
| HEAT | Central |
| HOA DUES | 0 |
| LOT | 0.74 acre(s) |
| LOT DESCRIPTION | Level, Near Public Transit |
| PARKING | Assigned,Direct Access,Garage |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 3 |
| TAXES | 102383 |
| UTILITIES | Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected, Electric: Standard |
| VIEW DESCRIPTION | None |
| WATER | Public |
| ZONING | 0 |
Location
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Listed with Growth Investment Group Pasade
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