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340 S Garfield AvenueMonterey Park, CA 91754Price: $8,000,000

  • Price: $8,000,000
  • 66 Days on Market
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Federal 30-year interest rate: 2.88% last updated on Sep 23, 2021
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  • $8,000,000List Price
  • 0.84Acreage

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Listed by John Chang of Moon Realty
First time on the market in over 40 years! The King's Lodge Motel is located in the heart of Monterey Park. A free-standing 14,576 square feet building comprising two stories sitting on a 36,745 square-foot lot which includes a detached private 2 bed 2 bathroom managers quarter at the back of the property. The Motel consists of 38 rooms (24X King Bedroom and 14X Double Queen). Conveniently located between the 10 and 60 freeways. Just 6 miles from Downtown Los Angeles and 17 miles from LAX. The City of Monterey Park was recently rated the "Best Place to Raise a Family" and this recognition marks the second time this year Monterey Park has been singled out as one of the best communities to live, work and play in the United States. Sale includes the land, building, and motel business. The motel provides very strong cash flow and robust property appreciation for the serious investor and operator. With continuous and returning local clientele. Projected to net over 6% Cap this coming year, this investment opportunity is second to none.

Property Details of 340 S Garfield Avenue

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 "Based on information submitted to CA_CRMLS as of September 26, 2021 8:54 AM 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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