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Key Details
Sold Price $2,030,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV24011753
Sold Date 02/01/24
Bedrooms 10
HOA Y/N No
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.
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 El Monte (91732)
Zoning Assessor
Building
Lot Description Curbs, Sidewalks
Story 1
Level or Stories 1 Story
Others
Monthly Total Fees $166
Acceptable Financing Cash
Space Rent $2,063
Listing Terms Cash
Financing Cash
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Bought with Kristopher German • RE/MAX 2000 REALTY