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Multifamily

306 N Moore Ave

306 N Moore Ave, Monterey Park, CA 91754

Listing Price: $2,400,000

Cap Rate
4.01%
Number of Units
8
Price/Unit
$300,000
Price/Gross SF
$498.13
Gross SF
4,818

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 306 North Moore Avenue, an 8-unit multifamily asset in Monterey Park, a core market in the San Gabriel Valley. Monterey Park is South of Alhambra and 15 minutes East of Downtown Los Angeles. The property is within 10 minutes walking distance to Atlantic Time Square and 0.5 miles South of the 10 Freeway and 2.9 miles North of the 60 Freeway. It is bound by West Hellman Avenue to the North, Garvey Avenue to the South, North Atlantic Boulevard to the West, and North Garfield Avenue to the East. COVID-19 has shifted tenant rental trends towards lower-density suburban submarkets. Tenants are working from home more, driving less, and walking more. This property offers unparalleled access within a one-mile radius to a plethora of amenities Monterey Park offers such as: Atlantic Time Square, AMC, 99 Ranch Market, Ralphs, CVS, 24 Hour Fitness, LA Fitness, Mama Lu’s Dumpling House, Boiling Point, Garfield Medical Center, Courtyard by Marriott, and Barnes Park. It is within a two-mile radius of schools like East Los Angeles College, Mark Keppel High School, Ralph Waldo Emerson Elementary School, and others. The asset’s desirable location fundamentals minimize lease-up time and offers a new investor high rental potential with a stable resident profile. This strategically located, two-story property was built in 1961 and consists of 2 two-bedroom/two-bathroom units, 5 one-bedroom/one-bathroom units, and 1 studio, which will be delivered vacant at close of escrow. It offers nine covered tuck-under parking spaces and two surface parking spaces for a total of 11 parking spaces. Soft story retrofit is not required, which saves thousands of dollars in capital expenditures. There is Owner-owned on-site laundry as well as a storage room. The property is individually metered for gas and electricity and utilizes one 90-gallon central water heater. The second-floor walkway was recently redone, the front portion of the roof was recently replaced, and one of the one-bedroom/one-bathroom units was recently refreshed with new paint and new floor tiling. There is also an open space towards the back of the property that may offer Accessory Dwelling Unit (ADU) potential. A new investor is responsible for conducting their own due diligence and investigations into ADU feasibility.There have been zero 5+ unit multifamily properties that have sold in Monterey Park in the past two years within 10 minutes walking distance to Atlantic Time Square. This is a rare opportunity for an investor to acquire a generational asset with an irreplaceable location and that has been well-maintained yet positioned for future renovation.

Investment Highlights

  • 10-Minute Walk to Atlantic Time Square. Convenient Access to the 10 and 60 Freeways. Numerous Restaurants, Groceries, Schools, Parks, Gyms, Employment Hubs and Entertainment Amenities
  • No 5+ Unit Property has Sold in Monterey Park Within the Past Two Years that is Walking Distance to Atlantic Time Square
  • First Time on the Market in Over 40 Years – A True Generational Asset
  • Secure Resident Profile that has had 100% Rental Collections During COVID-19. Proximate to Many of Monterey Park's Main Employment Drivers
  • New Ownership has an Opportunity to Add Additional Units Through the State's Favorable Accessory Dwelling Unit (ADU) Program
  • Studio Unit Delivered Vacant at Close of Escrow
  • The Property Offers 11 Parking Space

Exclusively Listed By

Financing By

Listing Price: $2,400,000

Cap Rate
4.01%
Number of Units
8
Price/Unit
$300,000
Price/Gross SF
$498.13
Gross SF
4,818

Investment Highlights

  • 10-Minute Walk to Atlantic Time Square. Convenient Access to the 10 and 60 Freeways. Numerous Restaurants, Groceries, Schools, Parks, Gyms, Employment Hubs and Entertainment Amenities
  • No 5+ Unit Property has Sold in Monterey Park Within the Past Two Years that is Walking Distance to Atlantic Time Square
  • First Time on the Market in Over 40 Years – A True Generational Asset
  • Secure Resident Profile that has had 100% Rental Collections During COVID-19. Proximate to Many of Monterey Park's Main Employment Drivers
  • New Ownership has an Opportunity to Add Additional Units Through the State's Favorable Accessory Dwelling Unit (ADU) Program
  • Studio Unit Delivered Vacant at Close of Escrow
  • The Property Offers 11 Parking Space

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 306 North Moore Avenue, an 8-unit multifamily asset in Monterey Park, a core market in the San Gabriel Valley. Monterey Park is South of Alhambra and 15 minutes East of Downtown Los Angeles. The property is within 10 minutes walking distance to Atlantic Time Square and 0.5 miles South of the 10 Freeway and 2.9 miles North of the 60 Freeway. It is bound by West Hellman Avenue to the North, Garvey Avenue to the South, North Atlantic Boulevard to the West, and North Garfield Avenue to the East. COVID-19 has shifted tenant rental trends towards lower-density suburban submarkets. Tenants are working from home more, driving less, and walking more. This property offers unparalleled access within a one-mile radius to a plethora of amenities Monterey Park offers such as: Atlantic Time Square, AMC, 99 Ranch Market, Ralphs, CVS, 24 Hour Fitness, LA Fitness, Mama Lu’s Dumpling House, Boiling Point, Garfield Medical Center, Courtyard by Marriott, and Barnes Park. It is within a two-mile radius of schools like East Los Angeles College, Mark Keppel High School, Ralph Waldo Emerson Elementary School, and others. The asset’s desirable location fundamentals minimize lease-up time and offers a new investor high rental potential with a stable resident profile. This strategically located, two-story property was built in 1961 and consists of 2 two-bedroom/two-bathroom units, 5 one-bedroom/one-bathroom units, and 1 studio, which will be delivered vacant at close of escrow. It offers nine covered tuck-under parking spaces and two surface parking spaces for a total of 11 parking spaces. Soft story retrofit is not required, which saves thousands of dollars in capital expenditures. There is Owner-owned on-site laundry as well as a storage room. The property is individually metered for gas and electricity and utilizes one 90-gallon central water heater. The second-floor walkway was recently redone, the front portion of the roof was recently replaced, and one of the one-bedroom/one-bathroom units was recently refreshed with new paint and new floor tiling. There is also an open space towards the back of the property that may offer Accessory Dwelling Unit (ADU) potential. A new investor is responsible for conducting their own due diligence and investigations into ADU feasibility.There have been zero 5+ unit multifamily properties that have sold in Monterey Park in the past two years within 10 minutes walking distance to Atlantic Time Square. This is a rare opportunity for an investor to acquire a generational asset with an irreplaceable location and that has been well-maintained yet positioned for future renovation.

Exclusively Listed By

Financing By

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