919-921 Carob Way - Apartments FOR SALE


Montebello, CA 90640
$3,295,000 USD
310-968-6049
919-921 Carob Way, Montebello, CA for Sale
$3,295,000 USD
Apartments - FOR SALE
1/22
null | 6.65% Cap Rate

919-921 Carob Way
Montebello, CA 90640


HIGHLIGHTS

  • SELLER FINANCING: Seller to carry the 1st trust deed with 35% down payment at a 6.50% interest-only rate fixed for 5 years!
  • This is the first time these apartments are being offered for sale in over 22 years | Family owned and operated for two decades
  • This fantastic apartment complex has an excellent cashflow yielding a 6.65% Cap Rate and 10.27 GRM | Attractive unit mix of spacious 1, 2 & 3-bedroom
  • desirable 12 (+1 non-conforming) unit complex is located in the central Montebello neighborhood | historically low vacancy rental pocket
  • This property offers multiple ADU potential as it is sitting on a large 16,286 square foot R3 zoned lot
  • Opportunity to legalize the non-conforming unit as an ADU (buyer to verify) | Rent increase potential gives the buyer many angles to further increase

OVERVIEW

SELLER FINANCING: Seller to carry the 1st trust deed with 35% down payment at a 6.50% interest-only rate fixed for 5 years! We are pleased to present the 919-921 Carob Way Apartments. This is the first time these apartments are being offered for sale in over 22 years. This property has been family owned and operated for two decades. This fantastic apartment complex has an excellent cashflow yielding a 6.65% Cap Rate and 10.27 GRM. This desirable 12 (+1 non-conforming) unit complex is located in the central Montebello neighborhood and situated in a historically low vacancy rental pocket. With an attractive unit mix of spacious 1, 2 & 3-bedroom units, this property offers multiple ADU potential as it is sitting on a large 16,286 square foot R3 zoned lot. The opportunity to legalize the non-conforming unit as an ADU (buyer to verify) and rent increase potential gives the buyer many angles to further increase revenue. The owner owned laundry machines also bring in additional income. Tenants enjoy the convenience of being within a short commute to many shops and restaurants as well as the simplicity of accessing the 5, 60 and 605 freeways. Please note, this property is only subject to the California Statewide AB1482 Rent Ordinance with NO local rent control for this city. Situated on Carob Way between E Washington Blvd and Jacmar Dr. Minutes from the Pico Rivera Town Center located off of Washington Blvd and Paramount Blvd. Please contact listing agent for link to viewing/ touring the property. Seller's instructions: Please do not disturb tenants, they are not aware of sale, building is 100% tenant occupied. Do not walk on property, do not contact occupants. For income/expense OM attachment, please send an email or a text to the office.

FOR SALE DETAILS

PRICE

$3,295,000 USD

PRICE/SF

$395 USD /SF

# OF UNITS

13

PRICE/UNIT

$253,462

CAP RATE

6.65%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

SELLER FINANCING! 6.65% CAP RATE

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1958

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.37 AC

LAND SF

16,286 SF

ZONING

R3

APN/PARCEL ID

6352-028-006

ASK ABOUT THIS PROPERTY

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.

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.