1244 S Spruce Street,Montebello, CA 90640
Montebello, CA 90640
Description
First time being offered for sale in 28 years (nearly three decades), this property presents an excellent opportunity to acquire a well-maintained multifamily investment with an attractive unit mix consisting primarily of spacious two-bedroom units, along with a three-bedroom unit, averaging nearly 800 square feet each. The property offers attractive cash flow with a 6.21% cap rate and a 10.22 GRM based on current rents which include additional income generated from the on-site laundry facilities. Recent improvements include a newly painted exterior, adding to the property's overall appeal. This is an excellent opportunity for a 1031 exchange up-leg or as an addition to an existing investment portfolio. Conveniently located within a short distance of the 5, 605, 60, and 710 freeways, the property provides easy access to major transportation routes. The property is not subject to any local rent control and is only subject to California's statewide AB 1482 rent regulations.
Details
| MLS # | 26998007 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1962 |
| Days On Site | 13 |
| Listing Provided By | Remax Commercial and Investment Realty | Shant Sherbetdjian |
Features
| Bed(s) | 23 |
|---|---|
| Bath(s) | 11 |
| SQ Feet | 8,990 |
| Story(s) | 2 |
| Units | 11 |
| Building(s) | 1 |
| Zoning | MNR3YY |
| Acreage | 0.32 |
Parking
| Parking Features | Covered |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Montebello |
| Zip Code | 90640 |
| Area | 674 Montebello |
| Listing VS Median (in 90640) | |
Price: $3,488,888 low | high Med: $854,990 sqft: 8,990 low | high Med: 1,726 $ / sqft: $388 low | high Med: $495 On site: 13 low | high Med: 46 | |
Market Activity 90640
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Montebello |
| Zip Code | 90640 |
| Area | 674 Montebello |
| Listing VS Median (in 90640) | |
Price: $3,488,888 low | high Med: $854,990 sqft: 8,990 low | high Med: 1,726 $ / sqft: $388 low | high Med: $495 On site: 13 low | high Med: 46 | |