804 N Garfield Ave - Apartments FOR SALE


Montebello, CA 90640
$7,850,000 USD
310-968-6049
804 N Garfield Ave, Montebello, CA for Sale
$7,850,000 USD
Apartments - FOR SALE
1/66
null | 5.33% Cap Rate

804 N Garfield Ave
Montebello, CA 90640


HIGHLIGHTS

  • Excellent North Montebello Location | Two Blocks From Monterey Park
  • (12) 2 Bed + 1.75 Bath Units, (8) 2 Bed + 1.5 Bath Townhome Style Units, (8) 1 Bed+ 1 Bath Units
  • Across Top Golf, Quiet Cannon Golf Course and is Walking Distance to Montebello Plaza
  • Most Tenants are Eligible for Rent Increases | Realistic Rental Upside of +/- 23%
  • Assumable CHASE Loan at 3.65% Interest Rate Until August 2028 | Apprx. Balance $4,326,538
  • Charming Landscape & Architecture | All Units Have a Balcony or Patio | On-Site Covered Parking

OVERVIEW

Discover an exceptional multifamily asset in North Montebello, the Garfield Mission Apartments. This well-maintained 28-unit property offers a diverse mix of (12) 2-bedroom, 1.75-bath units, (8) 2-bedroom, 1.5-bath Two- Story Townhome-style units, and (8) 1-bedroom, 1-bath units. With majority of rents currently eligible for increases, the property presents a realistic rental upside potential of approximately 23%. The property is complemented by strong financials, including a 5.33% cap rate and a 10.93 GIM on the current rents. Situated on North Garfield Avenue, the property is directly across from Top Golf and Quiet Cannon Golf Course/ Country Club and just two blocks from Monterey Park. With a high walkability score of 79, tenants enjoy convenient access to Montebello Plaza and are just minutes from the Monterey Park Shopping Mall. A qualified investor has the option to assume the current CHASE loan at a competitive 3.65% fixed interest rate which is fixed through August 2028, with an approximate balance of $4,326,538. The Garfield Mission Apartments feature charming landscaping, attractive architecture, and plenty of on-site covered parking. Unit amenities include either private balconies or patios, secured entry, and gated parking. Additional monthly income is generated from laundry facilities, storage rentals, pet fees, and extra parking spaces. The property is subject only to California's statewide AB1482 rent ordinance, currently set at 8.9%, with no additional local rent control restrictions. Please contact listing agent for instructions on viewing/ touring the property. Do not walk on property, do not contact occupants. For income/expense OM attachment, please send an email (or a text message) to the listing agent.

FOR SALE DETAILS

PRICE

$7,850,000 USD

PRICE/SF

$281 USD /SF

# OF UNITS

28

PRICE/UNIT

$280,357

CAP RATE

5.33%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

28 UNITS | NORTH MONTEBELLO | ASSUMABLE LOAN

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1963

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.79 AC

LAND SF

34,427 SF

ZONING

MNR3YY

APN/PARCEL ID

5268-002-020

ASK ABOUT THIS PROPERTY

Shant SherbetdjianRE/MAX Commercial & Investment RealtyMore Info
310-968-6049

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Shant SherbetdjianRE/MAX Commercial & Investment RealtyMore Info
310-968-6049

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