$1,645,000
$1,500,000
9.7%For more information regarding the value of a property, please contact us for a free consultation.
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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Bought with Roderick 'Rick' Raymundo • Marcus & Millichap
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
880 Roosevelt Suite 250, Irvine, California, 92620, United States