2708 Penn Mar Ave - Apartments FOR SALE


El Monte, CA 91732- Mountain View
$1,400,000 USD
909-418-2071
2708 Penn Mar Ave, El Monte, CA for Sale
$1,400,000 USD
Apartments - FOR SALE
1/27
null | 4.78% Cap Rate

2708 Penn Mar Ave
El Monte, CA 91732
Mountain View


HIGHLIGHTS

  • Prime Rental Location in San Gabriel Valley – Located just West of the 605- FWY less than 15-Miles from DTLA and Bordered by San Gabriel
  • Convenient Location just Blocks from Heavy Retail Corridors on Garvey Ave and Valley Blvd
  • Attractive Parcel Configuration with All Single-Story Bungalow-Style Floorplans Spanning Across a +/- 12,500 SF Lot
  • Boasts Strong In-Place Rents for the Area - Averaging +/- $1,837 per Month, the Property Offers a 4.78% CAP Rate and 12.7 GRM
  • 5.67% CAP Rate and 11.38 GRM at Market Rents
  • Not Subject to any Local Rent Control – Allowing Higher Annual Rent Increases of 5% Plus Current CPI

OVERVIEW

CBRE Inc., as the Exclusive Advisor, is proud to present 2708 Penn Mar Ave, a 5-unit multifamily property in the City of El Monte. The property is located within the city of El Monte and not subject to any local rent control. The city of El Monte is located within the San Gabriel Valley and amongst the more dense rental markets in the area with over 60% of the housing stock being renter occupied. The city is situated just 15-miles from DTLA and only a few blocks from the 605- and 10 freeways. Tenants enjoy short commutes to many notable attractions like Dodger Stadium, Hollywood Blvd, Crypto.Com Arena, Sofi Stadium, and Intuit Dome. The city is also less than 30-miles from Long Beach and Los Angeles Airports. More intimately, tenants enjoy being walking distance to several retailers along Garey Ave and Valley Blvd like CVS, Food- 4-Less, Northgate Market, and more. El Monte High School and other grade schools and parks are also within a short walk from the property. 2708 Penn Mar Ave is a 5-unit multifamily property offering 4, 1-Bedrooms and 1, 2-Bedroom units. All units are single-story bungalow-style units averaging 600 and 850 square feet. The property sits on an expansive +/- 12,468 square foot lot and offers ample space for on-site parking via garage and covered parking. The property currently collects $9,185 per month from rents and has additional revenue stream potential from on-site parking and an on-site laundry facility. The opportunity is presented at a healthy 4.78% CAP Rate and 12.70 GRM with upside via annual increases or improvements to market rent over time.

FOR SALE DETAILS

PRICE

$1,400,000 USD

PRICE/SF

$428 USD /SF

# OF UNITS

5

PRICE/UNIT

$280,000

CAP RATE

4.78%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1953

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,468 SF

ZONING

R3

APN/PARCEL ID

8106-018-013

ASK ABOUT THIS PROPERTY

Eric ChenCBRE, Inc.More Info
909-418-2071

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Eric ChenCBRE, Inc.More Info
909-418-2071

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.