$1,690,000
$2,100,000
19.5%For more information regarding the value of a property, please contact us for a free consultation.
5,772 SqFt
SOLD DATE : 07/19/2021
Key Details
Sold Price $1,690,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 5,772 sqft
Price per Sqft $292
MLS Listing ID PW21054080
Sold Date 07/19/21
HOA Y/N No
Year Built 1962
Lot Size 0.260 Acres
Acres 0.26
Property Description
The Corby Avenue Apartments are two four-unit apartment buildings located at 14505 and 14507 Corby Ave. in the City of Norwalk. The property offers an attractive unit mix comprised of one and two bedroom units. The property was acquired by the owner (a non-profit housing corporation) and has been an affordable rental complex with a rent-restriction covenant in place since acquisition. The owner received acquisition assistance from the city of Norwalk in the form of HOME funds. Upon the close of escrow, the city funds will be retuned and the rent restriction covenant will no longer be in place. This will allow a new owner to gradually raise the existing rents; and as the complex experiences turnover, bring the rents to full market. As a result the new owner may be able to obtain significant upside from the current rents and appreciation. The owner would prefer to sell both buildings simultaneously, however, will consider individual sales.
Location
State CA
County Los Angeles
Area M1 - Norwalk
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Carport Spaces 8
Pool None
Community Features Curbs, Gutter(s), Street Lights, Sidewalks
Total Parking Spaces 11
Private Pool No
Building
Lot Description 26-30 Units/Acre, Sprinkler System
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 8074021044
Energy Description 2274.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Ralph Castaneda • Keystone Properties, Inc.
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CEO | DRE# SA695240000 | DRE# 02100184