LENDER OWNED! Recently Foreclosed, 14-Townhome Style New Construction, Non Rent Control

Highlights:

• • LENDER OWNED! NON-Rent-Control apartment investment – newly built completed in Dec 2022 and COO issued in Feb 2023
• • Offered at attractive CAP Rate of 6.25% with additional upside including converting office structure to ADU
• • Offered at a low price of $300/SF for a brand-new construction
• • Positive Leverage deal on a new product without rent control restriction
• • Subject property was appraised for more than $9million back in May 2023 (report will be provided during escrow)
• • Fully occupied with clear potential for future rent increases
• • BRAND NEW Construction completed in Dec 2022 (based on COO)
• • Superb unit mix of Fourteen 4-bedroom townhome style units with direct access to 2 car garages
• • Brand new everything – MEP: Copper plumbing, abs sewer pipe, new roof, new electrical
• • Large lot size with long driveway into the main residential buildings providing extra privacy
• • Excellent amenities: garage spaces, several common area green spaces, gated with intercom system, big mailbox center in front of the lot, security cameras in common area, etc.

Description:

Growth Investment Group California is proud to offer this 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.

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