$4,800,000
$4,995,000
3.9%For more information regarding the value of a property, please contact us for a free consultation.
2,077 Sqft Lot
SOLD DATE : 09/06/2023
Key Details
Sold Price $4,800,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PW23090370
Sold Date 09/06/23
HOA Y/N No
Year Built 1962
Lot Size 2,077 Sqft
Property Description
The Norwalk Apartments in Whittier represent an excellent investment opportunity for any investor looking for upside potential in a growing real estate market. The property boasts a 5.1% Cap Rate and 12.69 GRM on current income, indicating strong cash flow. The building contains large 1, 2, and 3-bedrooms and has undergone recent exterior improvements, such as a new carport roof and asphalt, have been completed, ensuring that the property is well-maintained and visually appealing. The building is fully electric, with individual meters and water heaters, ensuring low utility costs for tenants and the landlord. Based on market rents, the property has an approximate 7% Cap Rate and 10 GRM, indicating significant upside potential for increased cash flow. Additionally, 5 units have undergone high-end unit turns, further adding to the property’s value by justifying the market rent. Overall, the Norwalk Apartments represent a sound investment with significant potential for growth and strong current cash flow.
Location
State CA
County Los Angeles
Area 670 - Whittier
Zoning LCR3YY
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Sidewalks
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 8176007036
Acceptable Financing Conventional
Listing Terms Conventional
Financing Conventional
Special Listing Condition Standard
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Bought with SARA COVARRUBIAS • UNITED CAPITAL REALTY
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