1249 S Greenwood Avenue

    Montebello, CA 90640
    • $7,050,000
    • STATUS: Active
    • ON SITE: 13 days
    • ID#: PW19026396
    UPDATED: 69 min ago
    $7,050,000
    • 0
      BEDS
    • 0.94
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 25,320
      SQFT
    • $278
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1961
    County:

    School Ratings & Info

    Description

    We are please to offer the "Las Palmas Apartments", a 36-unit apartment community in the city of Montebello. The city of Montebello is known for its exceptionally strong rental market, with 55% of its population being renters. The city is ideally located near the 5, 605 and 710 Freeways, allowing its residents easy access to all of Southern California. The Las Palmas Apartments is comprised of (3) one bedroom/one bathroom units, (30) two bedroom/one bathroom units and (3) three bedroom/one bathroom units. Tenants enjoy on-site laundry, gated play area and open parking. This investment opportunity offers tremendous upside potential on current rents, that are not subject to rent control making Las Palmas Apartments an excellent investment opportunity.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-02-18T15:30:00.707. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.bestlahomefinder.com/homes/91554022

    1249 S Greenwood Avenue Montebello, CA 90640

    • Price: $7,050,000
    • Status: Active
    • Updated: 69 min ago
    • ID#: PW19026396
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.94
    Acres
    25,320
    SQFT
    $278
    $/SQFT
    1961
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Los Angeles
    Area:
    699 - Not Defined
    Property Description
    We are please to offer the "Las Palmas Apartments", a 36-unit apartment community in the city of Montebello. The city of Montebello is known for its exceptionally strong rental market, with 55% of its population being renters. The city is ideally located near the 5, 605 and 710 Freeways, allowing its residents easy access to all of Southern California. The Las Palmas Apartments is comprised of (3) one bedroom/one bathroom units, (30) two bedroom/one bathroom units and (3) three bedroom/one bathroom units. Tenants enjoy on-site laundry, gated play area and open parking. This investment opportunity offers tremendous upside potential on current rents, that are not subject to rent control making Las Palmas Apartments an excellent investment opportunity.
    Exterior Features

    Garage Spaces 0.00 Lot Features 36-40 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 36.00 Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features Community

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 4.00 Community Features CurbsSidewalksStorm DrainsStreet Lighting Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gardener Expense 500.00 Gross Income 11400.00 Gross Multiplier 14.18 Gross Operating Income 484907.00 Gross Scheduled Income 497340.00 Insurance Expense 8537.00 Land Lease YN No Laundry Income 11400.00 Laundry YN Yes Maintenance Expense 20000.00 Net Operating Income 279288.00 New Construction YN No New Taxes Expense 88125.00 Number Of Separate Electric Meters 37 Number Of Separate Gas Meters 37 Number Of Separate Water Meters 1 Operating Expense 205619.00 Operating Expense Percent 41.30 Other Expense 72897.00 Other Expense Description Utility Professional Management Expense 15060.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 205619.00 Trash Expense 0.00 Vacancy Allowance 12434 Vacancy Allowance Rate 3.00 Water Sewer Expense 0.00 Water Source Public Year Built Source Assessor Zoning Mnr3*

    Listing provided courtesy of Doug Rodermund of Morgan Skenderian


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-02-18T15:30:00.707. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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