Discover an exceptional multifamily asset in North Montebello, the Garfield Mission Apartments. This well-maintained 28-unit property offers a diverse mix of (12) 2-bedroom, 1.75-bath units, (8) 2-bedroom, 1.5-bath Two- Story Townhome-style units, and (8) 1-bedroom, 1-bath units. With majority of rents currently eligible for increases, the property presents a realistic rental upside potential of approximately 23%. The property is complemented by strong financials, including a 5.30% cap rate and a 10.93 GIM on the current rents. Situated on North Garfield Avenue, the property is directly across from Top Golf and Quiet Cannon Golf Course/ Country Club and just two blocks from Monterey Park. With a high walkability score of 79, tenants enjoy convenient access to Montebello Plaza and are just minutes from the Monterey Park Shopping Mall. A qualified investor has the option to assume the current CHASE loan at a competitive 3.65% fixed interest rate which is fixed through August 2028, with an approximate balance of $4,326,538. The Garfield Mission Apartments feature charming landscaping, attractive architecture, and plenty of on-site covered parking. Unit amenities include either private balconies or patios, secured entry, and gated parking. Additional monthly income is generated from laundry facilities, storage rentals, pet fees, and extra parking spaces. The property is subject only to California's statewide AB1482 rent ordinance, currently set at 8.9%, with no additional local rent control restrictions.
|
DAYS ON MARKET
|
38
|
LAST UPDATED
|
2/5/2025
|
|
YEAR BUILT
|
1963
|
COMMUNITY
|
Montebello
|
|
COUNTY
|
Los Angeles
|
STATUS
|
Active
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
| AREA |
Montebello |
| GARAGE |
Covered |
| HEAT |
Radiant |
| LOT |
0.79 acre(s) |
| PARKING |
Covered |
| STORIES |
3 |
| ZONING |
MNR3YY |
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Listed with Remax Commercial and Investment Realty
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 3/15/25 8:43 AM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2025.
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