4704 Florence Avenue Save Request In-Person Tour Request Virtual Tour
Bell,CA 90201
Key Details
Property Type Single Family Home
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 23,316 sqft
Price per Sqft $300
MLS Listing ID AR-25003166
Year Built 2022
Lot Size 0.740 Acres
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 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.
Location
State CA
County Los Angeles
Interior
Heating Central
Cooling Central Air
Flooring Laminate,Vinyl
Fireplaces Type None
Laundry None
Exterior
Parking Features Assigned,Direct Garage Access
Garage Spaces 28.0
Pool None
Community Features Urban
Utilities Available Sewer Connected,Water Connected,Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available
View Y/N No
View None
Building
Lot Description Level,Lot 20000-39999 Sqft,Near Public Transit
Sewer Public Sewer