The Pacific Partners of Colliers International are pleased to present for sale this 6-Unit multi-family apartment building located at 232 N. Alhambra Ave., Monterey Park CA 91755. The property is 1 block north of Monterey Parks Garvey Avenue retail corridor, in a quiet residential neighborhood. It consists of one two-story building with front yard and parking/storage in the rear. The building totals 6,574 rentable square feet situated on an approximately 9,601 square foot rectangular lot. Originally built in 1963, this well-maintained multi-family asset has a unit mix of (one) 1-bedroom/1-bathroom, (three) 2-bedroom/1-bathroom, (one) 2-bedroom/2-bathroom, and (one) 3-bedroom/2-bathroom+Den. Rental rates at this property are approximately 25% below market rate. The property has the potential to achieve over 4.5% CAP rate with updated market rents in a desirable SoCal location. Amenities include front yard, on-site parking, and storage in the rear of the property. There is a laundry room on-site currently generating additional income. In addition, the building exterior and laundry room were recently painted with great curb appeal. This apartment is conveniently located within short walking distance to distinguished Mark Keppel High School and Monterey Vista Elementary, both scored 9 out of 10 on www.greatschools.org. The property is located near 10 freeway in a quiet residential neighborhood and adjacent to the multitude of residential amenities of nearby shopping centers and public services. Drive-by only, do not contact tenants. Make offer subject to inspection.
Listing By Colliers International Greater Los Angel – Edward Pan
Data Last Updated 5:13AM - 10/21/2021
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