601 Cornell Drive, Arcadia, CA 91007

About this property

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.

Listing description from the March 2025 sale, as reported to CRMLS.

Sale history

$3,100,000

Sold March 2025 · listed $3,000,000, on market February 2025 · MLS #25503039 · Source: CRMLS

Listing Agent: Priscilla Nee · Listing Office: CB Richard Ellis, Inc. · Bought with: Priscilla Nee · CB Richard Ellis, Inc.

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