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… Read More 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. Read Less
Courtesy of Remax Commercial and Investment Realty 213-817-1000
Listing Snapshot
Days Online
57
Last Updated
Property Type
Other
Beds
48
Square Ft.
27,892
Lot Size
0.79 Acres
Year Built
1963
MLS Number
25493507
Additional Details
Building
27,892 sq ft, Built in 1963, Levels: Three Or More
Cooling
Wall Unit(s)
Disclosures
As Is
Exterior Features
Balcony, Other - See Remarks
Garage
Covered Parking
Heating
Radiant
Laundry
Room
Lot
LotAcreage: 0.7906, LotSizeArea: 34,427, Corner Lot
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