252 South 7th Street
252 South 7th Street
$1,460,000
6
6
2,304
2,304
$634
Sold 9/1/23
Description
Back On The Market! Buyer could not qualify for the loan. We are pleased to present for sale a 6 unit turn-key investment opportunity located in desirable central Montebello. Easy-to-rent renovated 1 bedroom + 1 bathroom units, which are professionally owned, managed and operated. Property has undergone many recent renovations (in 2020) and capital improvements. This property is a great opportunity for a new purchase or a 1031 Exchange Up-leg. Excellent 5.28% cap rate on current rents and when incorporated...Back On The Market! Buyer could not qualify for the loan. We are pleased to present for sale a 6 unit turn-key investment opportunity located in desirable central Montebello. Easy-to-rent renovated 1 bedroom + 1 bathroom units, which are professionally owned, managed and operated. Property has undergone many recent renovations (in 2020) and capital improvements. This property is a great opportunity for a new purchase or a 1031 Exchange Up-leg. Excellent 5.28% cap rate on current rents and when incorporated with the low interest rate loan the cash-on-cash is 5.41%. All units are separate metered for gas & electricity. The owner has incorporated RUBS (Ratio Utility Billing System) for the trash and water for less landlord expenses. Tenants enjoy the ease and comfort to being within a short distance to many shopping and dining on Whittier Blvd as well as having convenient access to the 5, 60, 605 7 710 Freeways. Property is subject to AB1482. The Current loan is assumable with 25% down payment at a 3.28% interest rate fixed until April 30, 2027. PLEASE SEE lender's loan assumption requirements: 1.) Buyer/Borrower must have a net worth in excess of the current loan amount, which is approximately $1,093,000. 2.) Buyer/Borrower must have 9 months of Principal and Interest after closing, which equates to approximately $42,975. 3.) Buyer/Borrower to have management experience in multi-family properties that fall under the categories of lender's requirements. In addition to these requirements, the Buyer/Borrower must have ownership and at least one of the following: a.) Manages a 5+ unit multi-family property for the last 5 years, OR b.) Manages 3 multi-family properties (of 5+ units) with at least one of the properties owned/managed for the last 2 years, OR c.) Manages 10 unit multi-family properties (with a minimum of two units) for the last 2 years. In these three scenarios, please note that Buyer/Borrower must be on title of above property(ies) either in their personal name or an entity which they are named on. Please note, in the event that the Borrower does not qualify for any of these items, then they will be denied the assumption. Per the Lender, there shall be no exceptions.
- Listed by Shant Sherbetdjian • DRE #01713570 • Brokerage DRE #01164364 • Remax Commercial and Investment Realty
Property Details for 252 South 7th Street
Zoning
MNR3*
Cross StreetsW Olympic Blvd
Parcel Number6349009026
Total Units6.0
Living Area2304
Source Living AreaVendor Enhanced
AreaMontebello (674)
Vacancy Ratenone
Location
LISTING UPDATED: 09/01/2023 09:43 AM
Property Details for 252 South 7th Street
Status | Sold |
---|---|
MLS # | 23-258633 |
Days on Market | 77 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1915 |
Lot Size | 0.13 AC / 5,502 SF |
County | Los Angeles County |
Location
Building Information for 252 South 7th Street
Stories2Residences-Year Built1915Building Size-Lot Size0.13 AC / 5,502 SF
Payment Calculator
$9,175 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 252 South 7th Street
Property History for 252 South 7th Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 252 South 7th Street
Taxable ValueLand$635,961Additions$315,833Total$951,794
Tax Record2023$14,487 ($1,207 / month)
Home Facts
Total Finished SqFt2,304 SqFtAbove Grade Finished SqFt2,304 SqFtLot Size5,502 SqFtStyleMulti-Family Res (5+ Units)Year Built1915ZoningMNR3*CountyLOS ANGELESAPN6349-009-026
Schools near 252 South 7th Street
This home is within Montebello Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Fremont Elementary School PublicK to 5 | ||
La Merced Intermediate School Public6 to 8 | ||
Montebello High School Public9 to 12 | ||
Applied Technology Center Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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