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Home For Sale

Picture of Home For Sale in Montebello, California, United States

$1,460,000

252 S 7th St
Montebello, California, United States

6bd 6ba

Listed By: Realtyww Info

Listed On: 06/09/2023

Listing ID: GL10184700 View More Details

Description

Back On The Market! Buyer could not qualify for the loan. We are pleased to present for sale a 6 unit turn-key investment opportunity located in desirable central Montebello. Easy-to-rent renovated 1 bedroom + 1 bathroom units, which are professionally owned, managed and operated. Property has undergone many recent renovations (in 2020) and capital improvements. This property is a great opportunity for a new purchase or a 1031 Exchange Up-leg. Excellent 5.28% cap rate on current rents and when incorporated with the low interest rate loan the cash-on-cash is 5.41%. All units are separate metered for gas and electricity. The owner has incorporated RUBS (Ratio Utility Billing System) for the trash and water for less landlord expenses. Tenants enjoy the ease and comfort to being within a short distance to many shopping and dining on Whittier Blvd as well as having convenient access to the 5, 60, 605 7 710 Freeways. Property is subject to AB1482. The Current loan is assumable with 25% down payment at a 3.28% interest rate fixed until April 30, 2027. PLEASE SEE lender's loan assumption requirements: 1.) Buyer/Borrower must have a net worth in excess of the current loan amount, which is approximately $1, 093, 000. 2.) Buyer/Borrower must have 9 months of Principal and Interest after closing, which equates to approximately $42, 975. 3.) Buyer/Borrower to have management experience in multi-family properties that fall under the categories of lender's requirements. In addition to these requirements, the Buyer/Borrower must have ownership and at least one of the following: a.) Manages a 5+ unit multi-family property for the last 5 years, OR b.) Manages 3 multi-family properties (of 5+ units) with at least one of the properties owned/managed for the last 2 years, OR c.) Manages 10 unit multi-family properties (with a minimum of two units) for the last 2 years. In these three scenarios, please note that Buyer/Borrower must be on title of above property(ies) either in their personal name or an entity which they are named on. Please note, in the event that the Borrower does not qualify for any of these items, then they will be denied the assumption. Per the Lender, there shall be no exceptions.

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Listed by: Re Max Commercial Investment Realty
Source: The World Property Journal

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