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601 Cornell Dr Arcadia, CA 91007
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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,944 sqft
Price per Sqft $446
MLS Listing ID 25503039
Sold Date 03/21/25
Year Built 1953
Lot Size 0.494 Acres
Property Sub-Type Multi-Family
Property Description
Comprised of two single-story buildings built in 1953 on 21,514 square foot R3 lot, 601-605 Cornell Drive is a 12-unit multifamily property with a total building size of 6,944 square feet. 601-605 Cornell Drive boasts a unit mix of all one-bedroom/one-bathroom units. Each unit is equipped with its own water heater, wall units for heating and cooling, and dual entrances. With current rents conservatively 55% below market, and further upside following complete unit renovations, a new owner will be able to immediately create value with this unique asset. An investor should also explore development opportunities as the zoning allows for up to one unit per 1,089 SF of lot size before any density bonuses (buyer must verify). The property is subject to AB 1482, but there are no other local rent control restrictions.
Location
State CA
County Los Angeles
Area Arcadia
Zoning ARR3*
Rooms
Other Rooms None
Interior
Heating Wall
Cooling Wall Unit(s)
Fireplaces Type None
Equipment Range/Oven
Exterior
Parking Features Garage - 4+ Car, Garage - 1 Car, Attached
Garage Spaces 9.0
Pool None
Waterfront Description None
Building
Story 1
Level or Stories One
Structure Type Frame, Stucco
Others
Special Listing Condition Standard
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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Bought with CB Richard Ellis, Inc.