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$3,295,000
Est. payment /mo
8,334 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 8,334 sqft
Price per Sqft $395
MLS Listing ID CL25519241
HOA Y/N No
Year Built 1958
Lot Size 0.374 Acres
Acres 0.37
Property Sub-Type Other
Property Description
SELLER FINANCING: Seller to carry the 1st trust deed with 35% down payment at a 6.50% interest-only rate fixed for 5 years! We are pleased to present the 919-921 Carob Way Apartments. This is the first time these apartments are being offered for sale in over 22 years. This property has been family owned and operated for two decades. This fantastic apartment complex has an excellent cashflow yielding a 6.65% Cap Rate and 10.27 GRM. This desirable 12 (+1 non-conforming) unit complex is located in the central Montebello neighborhood and situated in a historically low vacancy rental pocket. With an attractive unit mix of spacious 1, 2 & 3-bedroom units, this property offers multiple ADU potential as it is sitting on a large 16,286 square foot R3 zoned lot. The opportunity to legalize the non-conforming unit as an ADU (buyer to verify) and rent increase potential gives the buyer many angles to further increase revenue. The owner owned laundry machines also bring in additional income. Tenants enjoy the convenience of being within a short commute to many shops and restaurants as well as the simplicity of accessing the 5, 60 and 605 freeways. Please note, this property is only subject to the California Statewide AB1482 Rent Ordinance with NO local rent control for this city.
Location
State CA
County Los Angeles
Zoning MNR3
Interior
Fireplace No
Laundry Laundry Room
Building
New Construction No
Others
Tax ID 6352028006
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Listed by Shant Sherbetdjian • Remax Commercial and Investment Realty