Property
Beds
48
Full Baths
None
1/2 Baths
None
Year Built
1963
Sq.Footage
27,892
Discover an exceptional multifamily asset in North Montebello, the Garfield Mission Apartments. This well-maintained 28-unit property offers a diverse mix of (12) 2-bedroom, 1.75-bath units, (8) 2-bedroom, 1.5-bath Two- Story Townhome-style units, and (8) 1-bedroom, 1-bath units. With majority of rents currently eligible for increases, the property presents a realistic rental upside potential of approximately 23%. The property is complemented by strong financials, including a 5.46% cap rate and a 10.79 GIM on the current rents. Situated on North Garfield Avenue, the property is directly across from Top Golf and Quiet Cannon Golf Course/ Country Club and just two blocks from Monterey Park. With a high walkability score of 79, tenants enjoy convenient access to Montebello Plaza and are just minutes from the Monterey Park Shopping Mall. A qualified investor has the option to assume the current CHASE loan at a competitive 3.65% fixed interest rate which is fixed through August 2028, with an approximate balance of $4,326,538. The Garfield Mission Apartments feature charming landscaping, attractive architecture, and plenty of on-site covered parking. Unit amenities include either private balconies or patios, secured entry, and gated parking. Additional monthly income is generated from laundry facilities, storage rentals, pet fees, and extra parking spaces. The property is subject only to California's statewide AB1482 rent ordinance, currently set at 8.9%, with no additional local rent control restrictions.
Features & Amenities
Interior
-
Total Bedrooms
48
-
Bathrooms
N/A
-
Heating YN
YES
-
Heating
Radiant
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Parking
Covered
-
Patio and Porch Features
See Remarks
-
Pool
No
Area & Lot
-
Lot Size(acres)
0.7903
-
Property Type
Residential Income
Price
-
Sales Price
$7,850,000
-
Sq. Footage
27, 892
-
Price/SqFt
$281
HOA
-
Association
No
School District
-
Elementary School
N/A
-
Middle School
N/A
-
High School
N/A
Property Features
-
Stories
3
-
Senior Community YN
NO
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Location
County
Los Angeles
Elementary School
Middle School
High School
Listing Courtesy of Shant Sherbetdjian , Remax Commercial and Investment Realty
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