6705 Heliotrope Avenue

Description

Fantastic 8-unit investment property located in a desirable pocket of Bell, CA. This is the first time the property's been on the market in approximately 47 years! The mid-century apartment complex, built in 1963, offers a total of 7,360 square feet of living space, with each unit boasting 920 square feet on average. The building features a strong unit mix, including (2) spacious 1-bedroom/1-bath units, (5) large two-bed / 1-bath units and (1) large 3-bedroom/2.5-bath townhouse unit in the front. The townhouse unit (vacating) has access to a private outdoor patio on the 2nd level. Additionally, the property provides convenient parking options with 12 covered parking spaces in the back of the lot.While 6705 Heliotrope is fully occupied at the moment, the 3-bedroom townhouse is vacating, and the property offers a huge opportunity for long-term rent growth with approximately 57% upside on the current rents. Notably, the City of Bell has no local rent control ordinance, allowing for 8.8% increases per State rent control laws (AB 1482). The property also provides additional income from the on-site laundry facilities, featuring two sets of washers/dryers. [RENTS ARE AS OF 12/1/2023, SELLER HAS ISSUED RENT INCREASE NOTICES].