252 South 7th Street

Montebello, CA 90640

$1,460,000
Last Sold Price
6
Beds
6
Baths
2,304 Sq. Ft.
$634 / Sq. Ft.
2,304
Sq. Ft.
$634
per Sq. Ft.

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.
  1. Listed by Shant Sherbetdjian • DRE #01713570 • Brokerage DRE #01164364 • Remax Commercial and Investment Realty

Property Details for 252 South 7th Street

Zoning
MNR3*
Cross Streets
W Olympic Blvd
Parcel Number
6349009026
Total Units
6.0
Living Area
2304
Source Living Area
Vendor Enhanced
Area
Montebello (674)
Vacancy Rate
none

Location

Listing Courtesy of Remax Commercial and Investment Realty, Shant Sherbetdjian, DRE #01713570

Sold By Remax Commercial and Investment Realty, Shant Sherbetdjian, DRE #01713570

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LISTING UPDATED: 09/01/2023 09:43 AM

Property Details for 252 South 7th Street

StatusSold
MLS #23-258633
Days on Market77
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1915
Lot Size0.13 AC / 5,502 SF
CountyLos Angeles County

Location

Listing Courtesy of Remax Commercial and Investment Realty, Shant Sherbetdjian, DRE #01713570

Sold By Remax Commercial and Investment Realty, Shant Sherbetdjian, DRE #01713570

Add your commute

Building Information for 252 South 7th Street

Stories2Residences-Year Built1915Building Size-Lot Size0.13 AC / 5,502 SF

Payment Calculator

$9,175 per month

30 year fixed, 7.25% Interest

Principal and Interest

$7,968

Property Taxes

$1,207

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 252 South 7th Street

Community / Development
Community / Development
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartment
  • Property Condition: Updated/Remodeled
Contract Info
Contract Info
  • Financing: Assumed, Cash
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $112,792
  • Net Operating Income: $77,136.00
  • Gross Income: $116,280
  • Cap Rate: 5.28%
  • Gross Rent Multiplier: $12.56
  • Vacancy Allow Dollar: $3,488.00
  • Vacancy Allow Percent: 3.00%
  • Owner Pays: Other
  • Total Annual Expense: 35655
Land / Lot Info
Land / Lot Info
  • Alternate Street Name: W Olympic Blvd
  • Lot Acreage: 0.1263
  • Lot Size Square Feet: 5502
Parking Details
Parking Details
  • Parking Garage: Uncovered, Gated
  • Total Parking: 5
  • Open Other Spaces Total: 5
  • Parking Features: Uncovered, Gated
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling Type: Other
  • Heating Type: Other
  • Flooring: Other
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 04-10-2023
  • Tenant Pays: Other
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,600.00
  • Unit Actual Rent: $1,600.00
  • Unit Projected Rent: $1,650.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,596.00
  • Unit Actual Rent: $1,596.00
  • Unit Projected Rent: $1,650.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,565.00
  • Unit Actual Rent: $1,565.00
  • Unit Projected Rent: $1,650.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,565.00
  • Unit Actual Rent: $1,565.00
  • Unit Projected Rent: $1,650.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,565.00
  • Unit Actual Rent: $1,565.00
  • Unit Projected Rent: $1,650.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,522.00
  • Unit Actual Rent: $1,522.00
  • Unit Projected Rent: $1,550.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $309,170.00
  • Assessed Improvement Percent: 33.15
  • Assessed Land Value: $623,492.00
  • Assessed Land Percent: 66.85
  • Assessed Total Value: $932,662.00

Property History for 252 South 7th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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.

Similar Homes

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Similar Sold Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Remax Commercial and Investment Realty, Shant Sherbetdjian, DRE #01713570

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.