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Multifamily

New Construction 15 Large Townhomes (Condo Mapped)

1029 S Montebello Blvd, Montebello, CA 90640

Listing Price: $9,750,000

Cap Rate
4.75%
Number of Units
15
Occupancy
67.0%
Price/Unit
$650,000
Price/Gross SF
$371.43
Gross SF
26,250

Investment Overview

Marcus & Millichap is pleased to offer for sale a newly constructed 15-unit townhouse style apartment building located at 1029 S. Montebello Blvd. in the city of Montebello. Completed in 2021, this property is composed of 3 three-story structures with approximately 26,250 square feet of rentable space sitting on a parcel of approximately 22,678 square feet. A condominium map has been filed for this property and the map will be recorded prior to close of escrow. The units at this property are significantly larger than other for-rent units typically found in the market and are perfectly positioned for multi-generational families and work-from-home roommate environments. All fifteen units are large 5-bedroom, 3.75 bath three-story townhome units of approximately 1,750 square feet with attached two-car garages. Lease up for this property started in March of 2021 and the building currently has 10 of the 15 units leased out. For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Montebello market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need. In terms of amenities, each unit in this building benefits from an attached two-car garage with immediate access to the living space. There are five additional uncovered surface parking spaces for guests and overflow parking. All units have a private balcony, central heating and air conditioning and an open kitchen layout with a large kitchen island. Washer/dryer hookups are provided in a full laundry room on the third floor of each unit and the bedroom and bathroom on the first floor of each unit is ADA compliant. Tenants are responsible for their own electricity and gas bills and they are billed separately by sub-metering company Minol for water, sewer and trash. The neighborhood surrounding the subject property is residential in nature and is composed primarily of well-maintained single-family homes and small apartment buildings. The property is located in south Montebello and is located a short distance north of the I-5 freeway and access to this important arterial is excellent. This property offers a rare opportunity for an investor to purchase a newly constructed 15-unit apartment building with a condominium map in place that benefits from a unit mix that is unique to the market.

Investment Highlights

  • Brand New 2021 Construction - Fifteen Large 3-Level Townhouse Units with a Recorded Condo Map
  • All 15 Units are Large 5br/3.75ba TH units (1,750 SF) with Attached Two-Car Garages
  • Two-Car Attached Garages, Open Kitchens with Kitchen Island, Private Balconies, Laundry Room with W/D Hook-Ups
  • Competitive Advantage in the there are very few Newer Constructed Buildings in this Market Area and Very Few with 5br Units
  • Demand for Multi-Generational Housing Accommodations and Larger Units has Vaulted in Popularity
  • Property is Priced at a 5.03% Cap Rate and is a Unique Asset in the Montebello Rental Market

Exclusively Listed By

Financing By

Multifamily

New Construction 15 Large Townhomes (Condo Mapped)

Listing Price: $9,750,000

Cap Rate
4.75%
Number of Units
15
Occupancy
67.0%
Price/Unit
$650,000
Price/Gross SF
$371.43
Gross SF
26,250

Investment Highlights

  • Brand New 2021 Construction - Fifteen Large 3-Level Townhouse Units with a Recorded Condo Map
  • All 15 Units are Large 5br/3.75ba TH units (1,750 SF) with Attached Two-Car Garages
  • Two-Car Attached Garages, Open Kitchens with Kitchen Island, Private Balconies, Laundry Room with W/D Hook-Ups
  • Competitive Advantage in the there are very few Newer Constructed Buildings in this Market Area and Very Few with 5br Units
  • Demand for Multi-Generational Housing Accommodations and Larger Units has Vaulted in Popularity
  • Property is Priced at a 5.03% Cap Rate and is a Unique Asset in the Montebello Rental Market

Investment Overview

Marcus & Millichap is pleased to offer for sale a newly constructed 15-unit townhouse style apartment building located at 1029 S. Montebello Blvd. in the city of Montebello. Completed in 2021, this property is composed of 3 three-story structures with approximately 26,250 square feet of rentable space sitting on a parcel of approximately 22,678 square feet. A condominium map has been filed for this property and the map will be recorded prior to close of escrow. The units at this property are significantly larger than other for-rent units typically found in the market and are perfectly positioned for multi-generational families and work-from-home roommate environments. All fifteen units are large 5-bedroom, 3.75 bath three-story townhome units of approximately 1,750 square feet with attached two-car garages. Lease up for this property started in March of 2021 and the building currently has 10 of the 15 units leased out. For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Montebello market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need. In terms of amenities, each unit in this building benefits from an attached two-car garage with immediate access to the living space. There are five additional uncovered surface parking spaces for guests and overflow parking. All units have a private balcony, central heating and air conditioning and an open kitchen layout with a large kitchen island. Washer/dryer hookups are provided in a full laundry room on the third floor of each unit and the bedroom and bathroom on the first floor of each unit is ADA compliant. Tenants are responsible for their own electricity and gas bills and they are billed separately by sub-metering company Minol for water, sewer and trash. The neighborhood surrounding the subject property is residential in nature and is composed primarily of well-maintained single-family homes and small apartment buildings. The property is located in south Montebello and is located a short distance north of the I-5 freeway and access to this important arterial is excellent. This property offers a rare opportunity for an investor to purchase a newly constructed 15-unit apartment building with a condominium map in place that benefits from a unit mix that is unique to the market.

Exclusively Listed By

Financing By

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