Description

Seller Financing at 20% downpayment, 5.75% interest only for 10 years. 2307 Continental Avenue in South El Monte is being offered for sale for the first time in over four decades. It comprises eight single-story, bungalow-style units on a large 18,062 SF lot zoned R-3. It is offered with attractive It is a generational asset that offers strong cash flow, possible redevelopment potential, and attractive seller financing. The property consists of two freestanding units in the front and six units in the back. They are all single-story, bungalow-style units. There are seven 2bdr/1bath units. One unit is a legal 1bdr/1bath unit operating as a 2bdr/1bath unit. It may be possible to legalize this unit through the ADU program. Buyer to verify. There are 8 dedicated covered parking spaces. However, the driveway has ample room to fit several more cars comfortably. It is independently metered for gas and electricity, and there are in-unit washer and dryer hookups. Although there have not been recent capital expenditures to the roof, electrical, or plumbing, the driveway was repaved two years ago at the cost of nearly $12,000. The buildings are of wood & stucco composition and have pitched roofs. Units utilize wall air-conditioning/heating units. The owner pays for water, sewer, trash and common area electricity. Tenants pay for their own gas and electricity usage. 2307 Continental Avenue represents a rare opportunity to acquire a generational asset with a desirable unit mix of a majority 2bdr 1bath single-story, bungalow-style units on an 18,026 R-3 zoned lot with ample parking. The asset yields strong-in place rental income in a tenant-dense submarket. A prospective Buyer may benefit from the attractive seller financing offered by acquiring the property with only 20% downpayment at 5.75% interest only for 10 years.