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    306 N Moore Ave

    Monterey Park, CA 91754
    • $2,400,000
    • STATUS: Active
    • ON SITE: 32 days
    • MLS #: 21-773558
    UPDATED: 74 min ago
    $2,400,000
    • 9
      BEDS
    • 0.22
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,818
      SQFT
    • $498
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1961
    County:

    School Ratings & Info

    Description

    DRIVE-BY ONLY. DO NOT WALK THE PROPERTY, TALK TO OR DISTURB TENANTS--THIS WILL DISQUALIFY YOU FROM THE OFFER PROCESS. I am pleased to present the opportunity to acquire 306 North Moore Avenue, an 8-unit multifamily asset in Monterey Park, a core market in the San Gabriel Valley. COVID-19 has shifted tenant rental trends towards lower-density suburban submarkets. Tenants are working from home more, driving less, and walking more. This property offers unparalleled access within a one-mile radius to a plethora of amenities Monterey Park offers such as: Atlantic Time Square, AMC, 99 Ranch Market, Ralphs, CVS, 24 Hour Fitness, LA Fitness, Mama Lus Dumpling House, Boiling Point, Garfield Medical Center, Courtyard by Marriott, and Barnes Park. It is within a two-mile radius of schools like East Los Angeles College, Mark Keppel High School, Ralph Waldo Emerson Elementary School, and others. The assets desirable location fundamentals minimize lease-up time and offers a new investor high rental potential with a stable resident profile. Monterey Park is South of Alhambra and 15 minutes East of Downtown Los Angeles. This strategically located, two-story property was built in 1961 and consists of 2 two-bedroom/two-bathroom units, 5 one-bedroom/one-bathroom units, and 1 studio, which will be delivered vacant at close of escrow. It offers nine covered tuck-under parking spaces and two surface parking spaces for a total of 11 parking spaces. Soft story retrofit is not required, which saves thousands of dollars in capital expenditures. There is Owner-owned on-site laundry as well as a storage room. The property is individually metered for gas and electricity and utilizes one 90-gallon central water heater. The second-floor walkway was recently redone, the front portion of the roof was recently replaced, and one of the one-bedroom/one-bathroom units was recently refreshed with new paint and new floor tiling. There is also an open space towards the back of the property that may offer Accessory Dwelling Unit (ADU) potential. A new investor is responsible for conducting their own due diligence and investigations into ADU feasibility. There have been zero 5+ unit multifamily properties that have sold in Monterey Park in the past two years within 10 minutes walking distance to Atlantic Time Square. This is a rare opportunity for an investor to acquire a generational asset with an irreplaceable location and that has been well-maintained yet positioned for future renovation. All units except units 4 & 8 are underwritten with 7% rental increase. Units 1 and 7 are Section 8

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-19T14:42:34.823. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.jelmbergteam.com/homes/120552366
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    306 N Moore Ave Monterey Park, CA 91754

    • Price: $2,400,000
    • Status: Active
    • Updated: 74 min ago
    • MLS #: 21-773558
    9
    Beds
    0
    Baths
    0
    ½ Baths
    0.22
    Acres
    4,818
    SQFT
    $498
    $/SQFT
    1961
    Built
    Neighborhood:
    Monterey Park
    County:
    Los Angeles
    Area:
    Monterey Park
    Property Description
    DRIVE-BY ONLY. DO NOT WALK THE PROPERTY, TALK TO OR DISTURB TENANTS--THIS WILL DISQUALIFY YOU FROM THE OFFER PROCESS. I am pleased to present the opportunity to acquire 306 North Moore Avenue, an 8-unit multifamily asset in Monterey Park, a core market in the San Gabriel Valley. COVID-19 has shifted tenant rental trends towards lower-density suburban submarkets. Tenants are working from home more, driving less, and walking more. This property offers unparalleled access within a one-mile radius to a plethora of amenities Monterey Park offers such as: Atlantic Time Square, AMC, 99 Ranch Market, Ralphs, CVS, 24 Hour Fitness, LA Fitness, Mama Lus Dumpling House, Boiling Point, Garfield Medical Center, Courtyard by Marriott, and Barnes Park. It is within a two-mile radius of schools like East Los Angeles College, Mark Keppel High School, Ralph Waldo Emerson Elementary School, and others. The assets desirable location fundamentals minimize lease-up time and offers a new investor high rental potential with a stable resident profile. Monterey Park is South of Alhambra and 15 minutes East of Downtown Los Angeles. This strategically located, two-story property was built in 1961 and consists of 2 two-bedroom/two-bathroom units, 5 one-bedroom/one-bathroom units, and 1 studio, which will be delivered vacant at close of escrow. It offers nine covered tuck-under parking spaces and two surface parking spaces for a total of 11 parking spaces. Soft story retrofit is not required, which saves thousands of dollars in capital expenditures. There is Owner-owned on-site laundry as well as a storage room. The property is individually metered for gas and electricity and utilizes one 90-gallon central water heater. The second-floor walkway was recently redone, the front portion of the roof was recently replaced, and one of the one-bedroom/one-bathroom units was recently refreshed with new paint and new floor tiling. There is also an open space towards the back of the property that may offer Accessory Dwelling Unit (ADU) potential. A new investor is responsible for conducting their own due diligence and investigations into ADU feasibility. There have been zero 5+ unit multifamily properties that have sold in Monterey Park in the past two years within 10 minutes walking distance to Atlantic Time Square. This is a rare opportunity for an investor to acquire a generational asset with an irreplaceable location and that has been well-maintained yet positioned for future renovation. All units except units 4 & 8 are underwritten with 7% rental increase. Units 1 and 7 are Section 8
    Exterior Features

    Lot Size Area 9581 Other Structures None Parking Garage Covered ParkingUncovered Total Parking 11

    Interior Features

    Baths Total 8.00 Cooling Other Equipment Other Heating Other

    Property Features

    Assessed Total Value 327401 Gross Income 154531 Gross Operating Income 150855 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Like Units5 1 Like Units6 1 Net Operating Income 96308.00 Number Of Buildings 1 Number Of Units 8 Sale Type Standard Source Living Area Assessor Source Lot Size Area Assessor Total Annual Expense 54547 Type Of Units Residential Year Built Source Assessor Zoning Mpr3yy

    Listing provided courtesy of Sean Rosenzweig DRE#01406343 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-19T14:42:34.823. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    Palm Desert CA, 92211