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$ 3,488,888
Est. payment /mo
New
1244 S Spruce ST Montebello, CA 90640
23 Beds
11 Baths
8,990 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 8,990 sqft
Price per Sqft $388
MLS Listing ID 26998007
Bedrooms 23
HOA Y/N No
Year Built 1962
Lot Size 0.318 Acres
Property 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.
Location
State CA
County Los Angeles
Area 674 - Montebello
Zoning MNR3YY
Interior
Fireplace No
Exterior
Parking Features Covered
Pool None
Total Parking Spaces 11
Private Pool No
Building
Faces West
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 6354003021
Special Listing Condition Standard
Listed by Shant Sherbetdjian Remax Commercial and Investment Realty #01713570