$2,030,000
$1,925,000
5.5%For more information regarding the value of a property, please contact us for a free consultation.
0.94 Acres Lot
SOLD DATE : 02/01/2024
Key Details
Sold Price $2,030,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV24011753
Sold Date 02/01/24
HOA Y/N No
Year Built 1956
Lot Size 0.937 Acres
Property Description
We are pleased to offer for sale a rare investment opportunity in the highly sought after rental community of the city of El Monte: a collection of 6 detached, cottage-style units, on the market for the first time since their initial construction. This unique property spans a vast 40,832 square foot lot (nearly an acre) and offers a substantial rental space of 5,744 square feet. The subject property offers a favorable unit mix that includes; 1(3 Bed/2 Bath), 2(3Bed/1Bath), and 3(2 Bed/1Bath). Tenants are responsible for all utilities, including water (separate meters all units). This aspect significantly reduces operating expenses for the owner, enhancing the investment's appeal. The property is also designed to attract and retain tenants with its ample open spaces, convenient onsite parking, and the coveted amenity of washer/dryer hookups in some units. Furthermore, each unit boasts its own front yard and backyard, offering a sense of privacy and community living. With the immense potential of 37% upside in rental income, and no local city rent control in place, a new owner can take advantage of the repositioning opportunity this investment offers.
Location
State CA
County Los Angeles
Area 619 - El Monte
Zoning EMR1B*
Interior
Fireplace No
Laundry Washer Hookup, Electric Dryer Hookup, Gas Dryer Hookup, Inside
Exterior
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Curbs, Gutter(s), Sidewalks
Total Parking Spaces 20
Private Pool No
Building
Lot Description 6-10 Units/Acre, Lot Over 40000 Sqft
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 8547008029
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
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Bought with Kristopher German • RE/MAX 2000 REALTY
"Molly's job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "