$1,441,440
$1,470,000
1.9%For more information regarding the value of a property, please contact us for a free consultation.
2,799 SqFt
SOLD DATE : 12/07/2021
Key Details
Sold Price $1,441,440
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 2,799 sqft
Price per Sqft $514
MLS Listing ID 21785362
Sold Date 12/07/21
HOA Y/N No
Year Built 1953
Lot Size 7,840 Sqft
Acres 0.18
Property Description
We are proud to present 244 W Walnut Avenue located in Monrovia, California. This 2,799 sqft 4-unit multifamily property, built in 1953, sits on over 8,000 sqft of land, and it boasts an excellent unit mix of (3) 2 Bed / 1 Bath units and (1) 3 Bed / 2 Bath unit. The property also has alleyway access at the behind the buildings where there are 4 garage parking spots for the tenants. This offering is an ideal value-add opportunity for an investor looking to capitalize on the more than 50% rental upside potential. Furthermore, an investor would be wise to consider converting the 4 garages in the back into additional units through the new ADUs laws passed in 2020 by the state of California. This property has been well maintained over the seller's 15+ year ownership. Most notably, the seller just replaced the roofs on this property early this year, and that comes with a 30-year warranty which will be transferred to the buyer. Additionally, the seller has remodeled the kitchens and bathrooms in two of the four units, and he has recently treated the property for termites. Lastly, due to the fact that this property has less than 5 units, an investor will be able to lock in a 30-year fixed rate residential loan at today's historically low interest rates, and will also be able to put down as little as 20% or 25% as their down payment.
Location
State CA
County Los Angeles
Area 639 - Monrovia
Zoning MORH*
Interior
Fireplace No
Exterior
Garage Converted Garage
Parking Type Converted Garage
Total Parking Spaces 4
Building
Story 1
New Construction No
Others
Senior Community No
Tax ID 8508005040
Special Listing Condition Standard
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Ying Sheung Chen • Skyway Investment Corp.
GET MORE INFORMATION
CEO | DRE# SA695240000 | DRE# 02100184