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28 UNITS | NORTH MONTEBELLO | ASSUMABLE LOAN 804 N Garfield Ave 28 Unit Apartment Building $7,850,000 ($280,357/Unit) 5.33% Cap Rate Montebello, CA 90640
INVESTMENT HIGHLIGHTS
- Excellent North Montebello Location | Two Blocks From Monterey Park
- Across Top Golf, Quiet Cannon Golf Course and is Walking Distance to Montebello Plaza
- Assumable CHASE Loan at 3.65% Interest Rate Until August 2028 | Apprx. Balance $4,326,538
- (12) 2 Bed + 1.75 Bath Units, (8) 2 Bed + 1.5 Bath Townhome Style Units, (8) 1 Bed+ 1 Bath Units
- Most Tenants are Eligible for Rent Increases | Realistic Rental Upside of +/- 23%
- Charming Landscape & Architecture | All Units Have a Balcony or Patio | On-Site Covered Parking
EXECUTIVE SUMMARY
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 5.33% 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. Please contact listing agent for instructions on viewing/ touring the property. Do not walk on property, do not contact occupants. For income/expense OM attachment, please send an email (or a text message) to the listing agent.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$693,864
|
$24.88
|
| Other Income |
$24,120
|
$0.86
|
| Vacancy Loss |
$21,540
|
$0.77
|
| Effective Gross Income |
$696,444
|
$24.97
|
| Taxes |
$112,583
|
$4.04
|
| Operating Expenses |
$165,667
|
$5.94
|
| Total Expenses |
$278,250
|
$9.98
|
| Net Operating Income |
$418,194
|
$14.99
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $693,864 |
| Annual Per SF | $24.88 |
| Other Income | |
|---|---|
| Annual | $24,120 |
| Annual Per SF | $0.86 |
| Vacancy Loss | |
|---|---|
| Annual | $21,540 |
| Annual Per SF | $0.77 |
| Effective Gross Income | |
|---|---|
| Annual | $696,444 |
| Annual Per SF | $24.97 |
| Taxes | |
|---|---|
| Annual | $112,583 |
| Annual Per SF | $4.04 |
| Operating Expenses | |
|---|---|
| Annual | $165,667 |
| Annual Per SF | $5.94 |
| Total Expenses | |
|---|---|
| Annual | $278,250 |
| Annual Per SF | $9.98 |
| Net Operating Income | |
|---|---|
| Annual | $418,194 |
| Annual Per SF | $14.99 |
PROPERTY FACTS
| Price | $7,850,000 | Property Subtype | Apartment |
| Price Per Unit | $280,357 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.33% | Lot Size | 0.79 AC |
| Gross Rent Multiplier | 10.93 | Building Size | 27,892 SF |
| No. Units | 28 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1963 |
| Price | $7,850,000 |
| Price Per Unit | $280,357 |
| Sale Type | Investment |
| Cap Rate | 5.33% |
| Gross Rent Multiplier | 10.93 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.79 AC |
| Building Size | 27,892 SF |
| No. Stories | 3 |
| Year Built | 1963 |
UNIT AMENITIES
- Refrigerator
- Range
- Carpet
SITE AMENITIES
- Courtyard
- Grill
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $1,846 | 600 |
| 2+1.5 | 8 | $2,084 | 800 |
| 2+2 | 12 | $2,166 | 900 |
Walk Score®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 5268-002-020 | Total Assessment | $5,431,884 |
| Land Assessment | $1,885,251 | Annual Taxes | $112,583 ($4.04/SF) |
| Improvements Assessment | $3,546,633 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5268-002-020
Land Assessment
$1,885,251
Improvements Assessment
$3,546,633
Total Assessment
$5,431,884
Annual Taxes
$112,583 ($4.04/SF)
Tax Year
2024
ZONING
| Zoning Code | MNR3YY |
| MNR3YY |
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28 UNITS | NORTH MONTEBELLO | ASSUMABLE LOAN | 804 N Garfield Ave
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