$1,460,000
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252 S 7th St Montebello, CA 90640
6 Beds
6 Baths
2,304 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 2,304 sqft
Price per Sqft $633
MLS Listing ID 23-258633
Bedrooms 6
Year Built 1915
Lot Size 5,502 Sqft
Property 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 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.
Location
State CA
County Los Angeles
Area Montebello
Zoning MNR3*
Rooms
Other Rooms None
Interior
Heating Other
Cooling Other
Flooring Other
Equipment None
Exterior
Garage Uncovered, Gated
Garage Spaces 5.0
Building
Story 2
Others
Special Listing Condition Standard
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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Bought with Remax Commercial and Investment Realty