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8994 Mcnerney AVE South Gate, CA 90280
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Key Details
Sold Price $1,185,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 2,065 sqft
Price per Sqft $573
MLS Listing ID 23338290
Sold Date 01/26/24
Bedrooms 4
HOA Y/N No
Year Built 1948
Lot Size 3,902 Sqft
Property Description
Incredible Non-Rent Control 4-unit Investment or Owner-User opportunity (1 Vacant) cash flowing at an amazing 6% Cap Rate and 12.1 GRM from Day 1! All 4 units have been completely stripped down to the studs, renovated with permits, and include brand new roofs, electrical systems, copper plumbing, windows, cabinets, flooring, lighting fixtures, bathrooms, and kitchens. Plus washer/dryer hookups in all units, new water heaters as well as HVAC systems. Additional Upside to 6.9% Cap Rate and 10.8 GRM on proforma. Non-Rent Control area allowing for 8.8% annual increases (5% + CPI). The property is located in South Gate which is an excellent up-and-coming area close to schools, restaurants, shopping centers, and entertainment options - just blocks from Azalea Shopping Center which hosts Walmart, Starbucks AltaIn-N-Out Fridays Wingstop, and more. It's great to have access to the 710, and 105 freeways which will take you easily to Downtown LA or the beach!
Location
State CA
County Los Angeles
Area T2 - Cudahy, Southgate W Of 710, Huntpk S Of Flore
Zoning SGR3YY
Interior
Fireplace No
Exterior
Garage Garage, Tandem, Uncovered
Total Parking Spaces 4
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 6216029005
Special Listing Condition Standard
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Bought with Cary Tong • VISMAR REAL ESTATE