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55 Unit in Commerce

7119 E Gage Ave, Commerce, CA 90040, USA
Sold For$6,300,000$115,000/Per Unit

Description

TRANSACTION DETAILS

  • Distressed Sale – Seller Was Long Distance Owner Motivated by Time of Closing & Cash Deal
  • 55 Units in the City of Commerce
  • Seller’s Family was the Original Builder
  • Comprised of: 40-Unit Property & 15-Unit Property
  • 7.6% Market Cap Rate at Time of Closing
  • Sold for $115,000 Per Unit ($6,300,000 for Whole Package)
  • Buyer Purchased as their 1031-Exchange property *Buyer had already sold their down-leg property (property which had to be sold in order to do the exchange) and was in a position to buy. Had the Buyer not already sold their down-leg property the Seller would not have considered their offer.

PROPERTY DESCRIPTION

  • Significant Upside Potential in Rental Rates
  • 55 Units – Three Separate Structures
  • Car-Port Parking Onsite
  • Laundry Room Onsite
  • Total Land Size 36,429 SqFt
  • Mix of One Bedroom & Studio Apartments
  • Address: 7119 & 7125 & 7141 E Gage Ave
  • City: Commerce
  • State/county: California
  • Zip/Postal Code: 90040
  • Country: United States

Detail

Updated on August 21, 2018 at 12:12 pm

  • Price: Sold For $6,300,000
  • Property Size: 24252 SqFt
  • Land Area: 36429 SqFt
  • Year Built: 1965
  • Property Status: Sold

Additional details

  • # of Units: 55
  • Unit Mix: 23 (0+1), 31(1+1), 1(2+1)
  • Zoning: R3
  • We Represented: Seller/Buyer
  • Close of Escrow: 8/20/2018

Features

WalkScore

walkscore57 / Somewhat Walkable more details here

Contact info

Emanuel Alvarez
Emanuel Alvarez
(909) 294-2607(714) 429-6682
Kristopher German
Kristopher German
(909) 294-2593(909) 645-0443

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