$1,075,000
$1,100,000
2.3%For more information regarding the value of a property, please contact us for a free consultation.
5960 Gifford AVE Huntington Park, CA 90255
3,458 SqFt
Key Details
Sold Price $1,075,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 3,458 sqft
Price per Sqft $310
MLS Listing ID PW21218596
Sold Date 12/20/21
HOA Y/N No
Year Built 1952
Lot Size 7,840 Sqft
Acres 0.18
Property Description
Same owner since 1972, well maintained, rents however WELL below market value. 3 Units up front with 1 garage and 2 units at rear over 4 individual garages at rear. All units have their own garage. Plenty of additional parking at rear. Wide easy to navigate street with lower density due to no apartments across street. Realistic rents should be $1,500 for the 1 bedrooms and $1,800 for the 2 bedroom. Annual Income at these fair market rents would be $93,600. List price is then 11.8 x Gross Annual income. Cap Rate is a very favorable 5.1% if expenses are estimated at 40% of gross rents. This building will have outstanding cash flow with market rents. Leases are all month to month. Current rents listed are based upon January 2022 rent increases. Front unit is a HUD unit and owner has petitioned to have the $750 rent raised to fair market.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Zoning HPR3YY
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Natural Gas
Cooling None
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Storm Drain(s), Street Lights, Sidewalks
Total Parking Spaces 10
Private Pool No
Building
Lot Description Level, Rectangular Lot
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 6312026015
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Trust
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Bought with Miguel Rivera • New Western Acquisitions