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5819 Montebello Park Way

East Los Angeles, CA 90022
  • $850,000
  • STATUS: Closed
  • ON SITE: 46 Days
  • ID#: AR22102411
Sold - 06/30/2022
$850,000
SOLD - 06/30/2022
  • 0
    BEDS
  • 0.24
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1950
County:

School Ratings & Info

Listing Agent(s): Evan Monroe of Gig Real Estate Inc. (626-594-4901)


Description

Investment Highlights Excellent 5-unit Value-Add Investment Opportunity with Tremendous Rental Upside (60%) and Enormous Renovation Potential conveniently located near retail/employment corridors on Whittier and Olympic Boulevards in East LA. (12.4% Proforma Cap rate) Desirable Unit Mix of 3 1b1b units, 1 2b1b unit, and 1 2b2b unit in an area poised for more positive rent growth in the future at an unbeatable price per unit and price per SF in 90022. ($154k per unit, $178/SF; 4,333 SF on a 10,000+ SF lot) Plentiful On-Site Parking: 5 single-car garages. (Extra income to be captured through parking) Potential added income through shared on-site laundry facility or the addition of an ADU Unit. (Buyer to verify) Fully occupied with 100% rent collections throughout the pandemic and relatively minimal utility expenses. Separately metered for electricity and gas. (Owner only pays water and minimal common lighting electricity.) Less than a 10 to 15-minute drive from East LA College, the Citadel Outlets, the Vincent Price Art Museum, Belvedere Park/Lake, the Gold Line. (Atlantic/East LA Civic Center Stations), and the Shops at Montebello shopping mall; only 8 miles from the major employment hub of Downtown LA. Quick, easy access to the 5, 60 and 710 Freeways. Property Highlights Highly desirable single-story layout with Spanish-Style Architecture and unique curb appeal/character; each unit has a unique fireplace and wood-paneled/open-beam ceilings. Copper Plumbing Installed throughout w/separate copper water lines for each unit. (May enable water utility to be split between units; buyer to verify) New 25 to 30-year roofing installed on the West end of the property in 2019. Most recent extensive renovations completed 20+ years ago; huge potential to capture value through interior unit upgrades. Extremely close to Schools, Shopping Centers, Grocery Outlets, Restaurants, and Playgrounds. Please call or email Listing Agent for Details or to Submit Offers.

Sold by Evan Monroe of Gig Real Estate Inc..

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-07-02T12:33:34.49. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Zen Ziejewski and Team | Keller Williams Realty. Licensed in the State of California, USA.
www.homefinderorangecounty.com/homes/128788545
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5819 Montebello Park Way East Los Angeles, CA 90022

  • Price: $770,000
  • Status: Closed
  • On Site: 46 Days
  • Updated: 17 min ago
  • ID#: AR22102411
0
Beds
0
Baths
0
½ Baths
0.24
Acres
1950
Built
Neighborhood:
ELA - East Los Angeles
County:
Los Angeles
Area:
ELA - East Los Angeles
Property Description
Investment Highlights Excellent 5-unit Value-Add Investment Opportunity with Tremendous Rental Upside (60%) and Enormous Renovation Potential conveniently located near retail/employment corridors on Whittier and Olympic Boulevards in East LA. (12.4% Proforma Cap rate) Desirable Unit Mix of 3 1b1b units, 1 2b1b unit, and 1 2b2b unit in an area poised for more positive rent growth in the future at an unbeatable price per unit and price per SF in 90022. ($154k per unit, $178/SF; 4,333 SF on a 10,000+ SF lot) Plentiful On-Site Parking: 5 single-car garages. (Extra income to be captured through parking) Potential added income through shared on-site laundry facility or the addition of an ADU Unit. (Buyer to verify) Fully occupied with 100% rent collections throughout the pandemic and relatively minimal utility expenses. Separately metered for electricity and gas. (Owner only pays water and minimal common lighting electricity.) Less than a 10 to 15-minute drive from East LA College, the Citadel Outlets, the Vincent Price Art Museum, Belvedere Park/Lake, the Gold Line. (Atlantic/East LA Civic Center Stations), and the Shops at Montebello shopping mall; only 8 miles from the major employment hub of Downtown LA. Quick, easy access to the 5, 60 and 710 Freeways. Property Highlights Highly desirable single-story layout with Spanish-Style Architecture and unique curb appeal/character; each unit has a unique fireplace and wood-paneled/open-beam ceilings. Copper Plumbing Installed throughout w/separate copper water lines for each unit. (May enable water utility to be split between units; buyer to verify) New 25 to 30-year roofing installed on the West end of the property in 2019. Most recent extensive renovations completed 20+ years ago; huge potential to capture value through interior unit upgrades. Extremely close to Schools, Shopping Centers, Grocery Outlets, Restaurants, and Playgrounds. Please call or email Listing Agent for Details or to Submit Offers.
Exterior Features

Lot Features Corner Lot Number Of Separate Electric Meters 5 Parking Features Direct AccessDoor-SingleGarage Parking Total 5 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 1 Common Wall

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Buyer Financing Cash Common Interest None Community Features Urban Garage YN Yes Gross Income 46932 Gross Scheduled Income 47424 Insurance Expense 2167 Land Lease YN No Laundry Features Washer Hookup Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Conventional Net Operating Income 27790 New Construction YN No Number Of Separate Gas Meters 5 Number Of Separate Water Meters 0 Operating Expense 18211 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer None Special Listing Conditions Standard Trash Expense 200 Utilities Sewer Not Available Water Sewer Expense 2139 Water Source Public Zoning Lcr3yy



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-07-02T12:33:34.49. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Zen Ziejewski and Team | Keller Williams Realty. Licensed in the State of California, USA.
 
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Zen Ziejewski and Team | Keller Williams Realty
27101 Puerta Real #150
Mission Viejo CA, 92691
Listing Agent(s): Evan Monroe of Gig Real Estate Inc. (626-594-4901)