NOT LISTED FOR SALE

8040 7th St Downey, CA 90241

Estimated Value: $1,146,931 - $1,347,000

6 Beds
3 Baths
2,633 Sq Ft
$470/Sq Ft Est. Value

Last Sold December 07, 2020

Last sale price $900,000 $342 Per Sq Ft

Est. 37% increase in value since last sale

Current estimated payment $7,529/month

34 Days on Market

Highlights

  • Detached Carport Space
  • Warren High School Rated A-
  • Central Heating and Cooling System

About This Home

As of December 2020

The subject property is a 3-unit apartment building located in of the most sought after areas along the 605 corridor, in North Downey. The current rents are well below the market average, providing the new owner an excellent opportunity to increase the cash flow substantially. The city of Downey has had a tremendous amount of new development in recent years, and is positioned to remain an extremely strong rental market for years to come.

Last Agent to Sell the Property

Nicholas Petrosian

Remax Commercial and Investment Realty License #01462598 Listed on: 08/25/2020

Remax Commercial and Investment Realty

Last Buyer's Agent

Bertha Rodriguez

License #00936428

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $12,307

Year Built

  • Built in 1979

Lot Details

  • 5,230

Interior Spaces

  • 2,633 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 3 Bathrooms

Parking

  • 6 Parking Spaces
  • Detached Carport Space

Additional Features

  • 5,230 Sq Ft Lot
  • Central Heating and Cooling System

Community Details

  • 3 Units

Listing and Financial Details

  • Assessor Parcel Number 6251-035-046

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$12,307

Year Built

Built in 1979

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Living Area: 2633
  • Lot Acreage: 0.1201
  • Stories: 2
  • Year Built: 1979
  • Number Of Photos: 6
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 6
  • Total Bathrooms: 3.00
  • Price Per S Q F T: 351.00

Exterior Features

  • Other Structures: None

Garage/Parking

  • Parking Garage: Carport Detached
  • Total Parking: 6

Utilities

  • Cooling: Central
  • Heating: Central

Lot Info

  • Assessed Improvement Percent: 74.03
  • Assessed Improvement Value: 362770
  • Assessed Land Percent: 25.97
  • Assessed Land Value: 127284
  • Total Assessed Value: 490054
  • Assessor Parcel Number: 6251-035-046
  • Lot Size Area: 5230

Multi Family

  • Unit Type: 2106, 2107
  • Gross Rent Multiplier: 17.10
  • Number Of Units: 3
  • Total Annual Expense: 17922
  • Type Of Units: Apartments
  • Vacancy Rate: 3%

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Aug 25, 2020
Closed on
Oct 13, 2020
Sold by
Foust Randy and Foust Carolyn
Bought by
Saucedo Jose
Seller's Agent
Nicholas Petrosian
Remax Commercial and Investment Realty
Buyer's Agent
Bertha Rodriguez
List Price
$925,000
Sold Price
$900,000
Premium/Discount to List
-$25,000
-2.7%
Current Estimated Value
$1,236,233

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$336,233
Avg. Annual Appreciation
6.71%
Original Mortgage
$630,000
Interest Rate
2.8%
Mortgage Type
New Conventional

Purchase Details

Closed on
Sep 20, 2013
Sold by
Foust Randy R and Foust Carolyn L
Bought by
Foust Randy and Foust Carolyn

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$393,500
Interest Rate
4.18%
Mortgage Type
New Conventional

Purchase Details

Closed on
Apr 22, 2005
Sold by
Foust Randy R and Foust Carolyn L
Bought by
Foust Randy and Foust Carolyn

Purchase Details

Closed on
Apr 8, 2002
Sold by
Saltos Guillermo and Saltos Elizabeth
Bought by
Foust Randy R and Foust Carolyn L

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$270,000
Interest Rate
7.13%

Purchase Details

Closed on
Oct 16, 1998
Sold by
Hud
Bought by
Saltos Guillermo and Saltos Elizabeth

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$257,874
Interest Rate
6.69%
Mortgage Type
FHA

Purchase Details

Closed on
Jul 8, 1998
Sold by
Old Kent Mtg Company
Bought by
Hud

Purchase Details

Closed on
Dec 17, 1997
Sold by
Castillo Samuel and Yanes Marisela
Bought by
Old Kent Mtg Company

Purchase Details

Closed on
Dec 30, 1996
Sold by
Luthe Thomas R Tr Thomas R Luthe Trust
Bought by
Castillo Samuel and Yanes Marisela

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$226,534
Interest Rate
7.62%
Mortgage Type
FHA

Purchase Details

Closed on
Jun 21, 1994
Sold by
Luthe Thomas R and Luthe Gloria K
Bought by
Luthe Thomas R
Source: Public Records

Range of Values:

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Average Value
Not Available
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

Purchase History

Date Buyer Sale Price Title Company
Saucedo Jose $900,000 Chicago Title Company
Foust Randy -- None Available
Foust Randy R -- Stewart Title Of Ca Inc
Foust Randy -- --
Foust Randy R $395,000 Chicago Title
Saltos Guillermo $260,000 --
Hud -- American Title Co
Old Kent Mtg Company $242,029 American Title Ins Co
Castillo Samuel $235,000 Landsafe Title
Luthe Thomas R -- --
Luthe Thomas R -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Saucedo Jose $630,000
Previous Owner Foust Randy R $393,500
Previous Owner Foust Randy R $270,000
Previous Owner Saltos Guillermo $257,874
Previous Owner Castillo Samuel $226,534
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
12/07/2020 12/07/20 Sold $900,000 -2.7% $342 / Sq Ft
09/28/2020 09/28/20 Pending -- -- --
09/25/2020 09/25/20 For Sale $925,000 +2.8% $351 / Sq Ft
09/23/2020 09/23/20 Pending -- -- --
09/11/2020 09/11/20 Off Market $900,000 -- --
08/25/2020 08/25/20 For Sale $925,000 -- $351 / 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 $12,307 $974,188 $432,972 $541,216
2024 $12,307 $955,087 $424,483 $530,604
2023 $11,890 $936,360 $416,160 $520,200
2022 $11,297 $918,000 $408,000 $510,000
2021 $11,026 $900,000 $400,000 $500,000
2020 $6,653 $520,046 $135,073 $384,973
2019 $6,583 $509,850 $132,425 $377,425
2018 $6,368 $499,854 $129,829 $370,025
2016 $6,165 $480,446 $124,789 $355,657
2015 $6,077 $473,230 $122,915 $350,315
2014 $5,754 $463,961 $120,508 $343,453
Source: Public Records

Agents Affiliated with this Home

  • B

    Buyer's Agent in 2020

    Bertha Rodriguez

See All Agents

Map

Source: The MLS

MLS Number: 20-623376

The MLS

APN: 6251-035-046

California Los Angeles County Downey 90241

8040 7th St, Downey, CA

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