We are proud to present this 6 unit multi-family apartments in the City of Commerce. Built in 1963, the property is being offered for the very first time since 1976.
The complex consists of 100% two-bedroom/one-bathroom units with three of the units are single story, cottage style and the other three as two story, garden style units. Each unit is approximately 701 square feet with own washer & dryer hookups. The property is situated on an approximately 11,437 square feet lot with both open and tuck under parking space. In addition, the subject property is surrounded by most single family homes with ample parking space on the street.
Within past 12 months, the owner has spent over $70,000 in capital improvements to renovate two the of the units entirely. New flooring, kitchen, bathroom, and windows are also upgraded in selected units. In addition, there is a non-conforming bathroom and storage space the owner has added many years ago to the property. The renovated units are receiving between $1,750 and $1,950 for the cottage style unit, which shows the rents are approximately 27% below market and the new owner can improve current return to 5.87% CAP rate.
The subject property is located in a quiet residential neighborhood with over approximately 771,878 population within 5 miles radius. Due to it's convenient location, tenant enjoy proximity to shopping, restaurants, Schools, and Freeway 5, 710, 605, 105 and 60. City of Commerce is also known for 44 acres of six recreational facilities including an aquatic complex, fitness center, racquetball courts and snack bars. All commerce residence also enjoy free citywide bus system carrying approximately 800,000 passengers annually.
This investment offers long term, stable asset with the most desirable features. An astute investor can add value by increase return through unit renovation in one of the strongest rental market in Los Angeles County.
