$3,100,000
SOLD MAR 21, 2025

601 Cornell Dr Arcadia, CA 91007

-- Bed
-- Bath
6,944 Sq Ft
0.49 Acres

Recently Sold

$446 Per Sq Ft

3% Above List Price

13 Days on Market

Highlights

  • 4 Car Attached Garage
  • Double Pane Windows
  • 1-Story Property
  • Holly Avenue Elementary School Rated A+

About This Home

As of March 2025

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.

Last Agent to Sell the Property

Priscilla Nee

CB Richard Ellis, Inc. License #01435254 Listed on: 02/25/2025

Last Buyer's Agent

Priscilla Nee

CB Richard Ellis, Inc. License #01435254 Listed on: 02/25/2025

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1953

Lot Details

  • 0.49 Acre Lot

Parking

  • 4 Car Attached Garage

Home Design

  • Frame Construction
  • Stucco

Interior Spaces

  • 6,944 Sq Ft Home
  • 1-Story Property
  • Double Pane Windows
  • Oven or Range

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Heating System Mounted To A Wall or Window

Listing and Financial Details

  • Tenant pays for gas, electricity
  • The owner pays for gardener, water
  • Assessor Parcel Number 5775-027-004

Community Details

Overview

  • 2 Buildings
  • 12 Units

Building Details

  • Vacancy Allowance $5,622

Property Details

Home Type

Multi-Family

Year Built

Built in 1953

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Levels: One
  • Street Number Display: Yes
  • Additional Assessor Parcel Numbers: No
  • Entry Location: Ground Level w/steps
  • Living Area: 6944
  • Stories: 1
  • Year Built: 1953
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Equipment: Range/Oven
  • Price Per S Q F T: 432.03
  • Windows: Double Pane Windows

Exterior Features

  • Construction: Frame, Stucco
  • Other Structures: None
  • Tennis Court Y/N: No
  • Pool: No
  • Spa Yn: No

Garage/Parking

  • Parking Garage: Garage - 4+ Car, Garage - 1 Car, Attached
  • Total Parking: 9

Utilities

  • Cooling: Wall Unit(s)
  • Electric Expense: 438.00
  • Heating: Wall
  • Water Expense: 3034.00

Condo/Co-op/Association

  • Professional Management: 9089.00

Fee Information

  • Gas Expense: 355.00
  • Insurance Expense: 10416.00
  • Maintenance Expense: 12000.00
  • Other Expense: 3000.00
  • Trash Expense: 1991.00

Lot Info

  • Assessor Parcel Number: 5775-027-004
  • Lot Size Area: 21514

Rental Info

  • Owner Pays: Gardener, Water
  • Tenant Pays: Gas, Electricity

Multi Family

  • Unit Type: 2106
  • Gross Rent Multiplier: 16.14
  • Number Of Units: 12
  • Type Of Units: Multifamily
  • Vacancy Allow: 5622

Tax Info

  • Tax Expense: 35435.00

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
03/21/2025 03/21/25 Sold $3,100,000 +3.3% $446 / Sq Ft
03/10/2025 03/10/25 Pending -- -- --
02/25/2025 02/25/25 For Sale $3,000,000 -- $432 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $6,194 $3,121,200 $2,040,000 $1,081,200
2024 $6,194 $295,693 $93,527 $202,166
2023 $6,093 $289,896 $91,694 $198,202
2022 $5,927 $284,213 $89,897 $194,316
2021 $5,773 $278,641 $88,135 $190,506
2019 $5,669 $271,218 $85,522 $185,696
2018 $5,571 $265,918 $83,846 $182,072
2016 $5,255 $254,787 $80,591 $174,196
2015 $5,169 $250,961 $79,381 $171,580
2014 $5,185 $246,046 $77,827 $168,219
Source: Public Records

Agents Affiliated with this Home

  • Priscilla Nee

    Seller's Agent in 2025

    Priscilla Nee

    CB Richard Ellis, Inc.

    (310) 550-2500

    4 in this area

    31 Total Sales

    Priscilla Nee
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Map

Source: The MLS

MLS Number: 25503039

The MLS
California Los Angeles County Arcadia 91007

601 Cornell Dr, Arcadia, CA

Sold

MultiFamily

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The MLS © 2025 The MLS™ - Combined L.A. Westside MLS (CLAW). All rights reserved. Based on information from The MLS™ - Combined L.A. Westside MLS (CLAW). All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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