Active Properties for Sale
Compton 4 Plex
8 Bed 4 Bath 3282 SQ FT .14 Acres
321 W. Magnolia Street,
Compton, CA 90220
Starting Offer $990,000
Ending: Sep 23, 2024 9:00 AM PST
Type
Multi Family
Sq Ft
3282
Bedrooms
8
Lot Size
5993
Bathrooms
4
Year Built
1945
Welcome to an exceptional investment opportunity in the heart of Compton, where this fullyoccupied 4-unit complex offers both immediate cash flow and significant upside potential. Situated on a 5,993 sq. ft. lot, this property is comprised of a single structure housing four 2bedroom, 1-bathroom units, each approximately 800 sq. ft. The current rents are close to market rates, yet there’s still room for growth, making this an attractive proposition for portfolio investors.
The complex is 100% tenant-occupied on month-to-month leases, with Section 8 tenants in place. The current average rent stands at $2,125, while market rents average $2,600. This amounts to a current gross monthly income of $8,500, with the potential to reach $10,400 at market rates. Tenants are responsible for their own electricity and provide their own refrigerators and stoves, ensuring low maintenance costs for the owner. Increasing monthly rents present a compelling value-add opportunity.
The property currently has a CAP rate in the high 6% range, with potential to reach 8% through rental increases. Its low-maintenance nature allows the new owner the option to self-manage. Aside from property taxes, expenses are limited to insurance, utilities, and gardener maintenance. This presents an excellent opportunity for an investor seeking both cash flow and a low-maintenance addition to their portfolio.
Upgrades to the plumbing and roof have been made over the years, though there remains room for further improvements and increased value. The owner has implemented a convenient 'deposit only' debit card system for tenants to easily manage their rent payments, with the Section 8 portion paid via direct deposit to the owner's bank account on the 1st of the month.
Additionally, the spacious lot offers the potential to add value by constructing four one-car garages or Accessory Dwelling Units (ADUs), further enhancing the property’s income potential.
Located in an evolving community, this property stands to benefit from the City of Compton's Transit-Oriented Development Plan, which aims to transform the Compton Transit Station area into a vibrant, mixed-use community with enhanced amenities. This strategic location combined with the property's solid financial performance makes it a prime opportunity for investors seeking stable returns and future appreciation.
Please download the EZ RE Platform Addendum (behind the paper icon next to the "SUBMIT DOCUMENTS HERE" button), and have both buyer and agent sign. Once that is done, come back and click the "SUBMIT DOCUMENTS HERE" button, and upload the signed addendum along with the buyers Pre Approval letter or Proof of Funds if a cash buyer. Please allow 2 business hours for us to verify your documents and establish an offer capacity for you.
Sellers reserve the right to accept, reject or negotiate any offer at any time.
Property is subject to 6% Buyers Premium to be added to selected offer price However NO fees for simply placing offers..
Ending: 09/23/24 9:00 AM PST
Offer History
0 Offers
Buyer Name | Offer ($USD) | When |
|---|---|---|
Contact Agent
Buyers and agents can place offers online anytime from the beginning until the end of the published sale date.
Buyers acknowledge that all offers are public and 100% transparent to all parties, without exception.
Once the seller selects an offer, the entire process will proceed like a traditional real estate transaction. The buyer will submit a signed contract to the seller with the final sales price being the selected offer plus the buyer’s premium. The seller will open escrow with all of the buyer’s contingencies and inspection time frame outlined in the contract. For more information contact Listing Agent.
SELLER RESERVES THE RIGHT TO ACCEPT, COUNTER OR REJECT ANY OFFER!
What is the “Buyers Premium” – Using our EZ Real Estate Offers option, real estate commissions can be paid by the seller, the buyer, or both. When the buyer’s paying the commission it’s called “Buyer’s Premium”. (Selected Offer + Buyer’s Premium = Sales Price)
The Selected Buyer shall provide a purchase contract within 24 hours from the time of acceptance of the selected offer by the seller. If the buyer will not provide the purchase contract within the time frame specified above, the seller reserves the right to accept other offers!
For information on how to get approved and offer online Click Here!
IMPORTANT DETAILS
In order to place offers on any property available by our online sales, you must REGISTER and create an account at the URL above. If you are working with an Agent, you will need to provide us with their contact information.
By creating your account, you agree to accept AND you understand the Terms and Conditions of the online sales process and this platform.
In addition, you must either provide Proof of Funds if paying in cash OR a FULL Underwritten Loan Pre Approval Letter From A Mortgage Lender prior to getting access to the offer placement area. Registration and documents must be received NO LATER than 12:00 pm PST on the last day of the sale.
If you are not registered and/or you have not provided suitable documentation by 12:00 pm on the day of the sale, you will NOT be allowed to place an offer on a property!
Also, we STRONGLY encourage you or your agent to log in to your account prior to the end of the offer time on the property you wish to place an offer on. It is IMPORTANT to understand the steps and functionality needed to place your offer. Technical or agent support may not be readily available after 12:00 pm on the final day of the sale.
Offer Increments – You may continue placing offers within the limits of your proven funding. Increments can vary depending on the listing price of the property anywhere from $1,000 to $2,500.
Time Auto Extend – Our system Prevents Last Second Offers by Automatically Extending the Time. Please make your final offer before 5 seconds to allow the site to refresh.
Attention Selected Buyers! – If You Are The Selected Buyer: Please have your agent submit a signed purchase agreement to the seller within the time specified in “sale terms and conditions” (please see the posting details). If you do not have an agent, please Contact Us.
Information deemed reliable but not guaranteed and subject to change without notice!