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.
FORECLOSURE
This listing may be a bank owned (foreclosed) property.
|
DAYS ON MARKET
|
9
|
LAST UPDATED
|
1/6/2025
|
|
YEAR BUILT
|
2022
|
COMMUNITY
|
Maywood, Bell
|
|
GARAGE SPACES
|
28.0
|
COUNTY
|
Los Angeles
|
|
STATUS
|
Active
|
PROPERTY TYPE(S)
|
Residential Income
|
| 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 |
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Listed with Growth Investment Group Pasade
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 1/15/25 10:36 AM PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2025.
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