Investment Overview

Marcus & Millichap is pleased to present 2429 Central Avenue, a rare infill multifamily development opportunity located in the heart of South El Monte. Just south of the intersection of Central Avenue and Rosemead Boulevard, the property enjoys exceptional visibility, immediate access to the 60, 10, and 605 Freeways, and is surrounded by a mix of established neighborhoods, industrial employers, and major retail corridors. Zoned SER3* (Multi-Family Residential), the site spans approximately ±30,233 square feet (±0.69 acres) with ±100 feet of frontage along Central Avenue and a depth of approximately 510 feet. This oversized lot offers a wide range of development possibilities including apartments, duplexes, or townhomes. The parcel is level and includes an existing residential structure that may offer interim rental income or serve as a short-term owner-occupant solution during entitlement or design phases. Importantly, the property may qualify for additional density under SB 1211, California’s new pro-housing legislation aimed at streamlining infill development in transit-rich and jobs-adjacent areas. For developers, this provides an opportunity to unlock greater unit potential and accelerate project timelines, maximizing both scale and long-term value. Combined with the city’s supportive stance on housing production, this site presents significant upside for both builders and long-term investors. The South El Monte submarket continues to benefit from limited housing inventory, consistent rental demand, and its strategic location within the San Gabriel Valley, proximate to employment centers in El Monte, Rosemead, and Whittier. The median household income in the City of South El Monte is approximately $83,562, signaling economic stability and strong appeal among working families and young professionals. Nearby amenities include national retailers such as Costco, Target, Home Depot, and In-N-Out, as well as recreational destinations like the Whittier Narrows Recreation Area and El Monte Historical Museum—further enhancing the site’s appeal to future residents. With flexible zoning, access to potential SB 1211 benefits, excellent freeway connectivity, and a lack of competing development parcels, 2429 Central Avenue offers a compelling opportunity for multifamily developers seeking long-term appreciation, consistent rental demand, and strong exit potential in one of the San Gabriel Valley’s most centrally located infill corridors.