Monterey Park, CA 91755,342 E NEWMARK AVE
Monterey Park, CA 91755,342 E NEWMARK AVE
Monterey Park, CA 91755,342 E NEWMARK AVE
Monterey Park, CA 91755,342 E NEWMARK AVE
Monterey Park, CA 91755,342 E NEWMARK AVE
Monterey Park, CA 91755,342 E NEWMARK AVE
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$1,645,000

$1,500,000

9.7%
Est.Price: ?

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Est. payment /mo

6 Beds

5 Baths

3,207 SqFt


SOLD DATE : 03/24/2022

Key Details

Sold Price $1,645,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Square Footage 3,207 sqft

Price per Sqft $512

MLS Listing ID 22125003

Sold Date 03/24/22

Bedrooms 6

HOA Y/N No

Year Built 1955

Lot Size 0.318 Acres

Property Description

Situated within an attractive suburban neighborhood of the desirable San Gabriel Valley, this offering is available for the first time in nearly 45 years. The spacious parcel spans 13,841 square feet of land and includes a two bedroom house along with four additional apartment units. Every unit features its own private yard, while four of the units also include washer/dryer hookups for tenants. A new investor can reposition the asset to capitalize on high rental rates in the immediate area. Current income sits approximately 45% below market rates, allowing an owner to improve revenue significantly. In addition, an owner could explore the possibility of creating new ADUs from the existing garage space, which could dramatically increase the property value. The building is not on the seismic retrofit list (Buyer to verify), which lowers future maintenance costs considerably. The roofs on all three buildings have also been replaced in recent years. Located near the intersection of Garvey Avenue and Garfield Avenue, the property is within blocks of several popular local restaurants and shops. A Walmart Supercenter, CVS, 7-Eleven, Ralphs, AMC Theaters, and 24 Hour Fitness are all within a short distance of the property. Residents can also visit the Montebello Town Square, The Shops at Montebello, and Alhambra Place, all within miles of the parcel. Tenants also enjoy convenient access to the 10, 60, and 710 Freeways.

Location

State CA

County Los Angeles

Area 641 - Monterey Park

Zoning MPR2*

Interior

Fireplace No

Exterior

Garage Assigned

Total Parking Spaces 10

Building

Story 1

New Construction No

Others

Senior Community No

Tax ID 5259003050

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Roderick 'Rick' Raymundo • Marcus & Millichap
Bought with Roderick 'Rick' Raymundo • Marcus & Millichap
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