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306 N Moore AvenueMonterey Park, CA 91754Sale Price: $2,420,000

  • Sale Price: $2,420,000
  • 9 Days Since Sale
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Federal 30-year interest rate: 3.05% last updated on Oct 14, 2021
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • $2,400,000List Price
  • 0.22Acreage

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Listed by Sean Rosenzweig of Marcus & Millichap

Listing Sold by Marcus & Millichap
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

Property Details of 306 N Moore Avenue

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 "Based on information submitted to CA_CRMLS as of October 21, 2021 7:54 PM EDT . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing."

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