Shant Sherbetdjian 6266578150

SELLER FINANCING! 6.65% CAP RATE 919-921 Carob Way 13 Unit Apartment Building $3,295,000 ($253,462/Unit) 6.65% Cap Rate Montebello, CA 90640

INVESTMENT HIGHLIGHTS

SELLER FINANCING: Seller to carry the 1st trust deed with 35% down payment at a 6.50% interest-only rate fixed for 5 years!
This fantastic apartment complex has an excellent cashflow yielding a 6.65% Cap Rate and 10.27 GRM | Attractive unit mix of spacious 1, 2 & 3-bedroom
This property offers multiple ADU potential as it is sitting on a large 16,286 square foot R3 zoned lot

This is the first time these apartments are being offered for sale in over 22 years | Family owned and operated for two decades
desirable 12 (+1 non-conforming) unit complex is located in the central Montebello neighborhood | historically low vacancy rental pocket
Opportunity to legalize the non-conforming unit as an ADU (buyer to verify) | Rent increase potential gives the buyer many angles to further increase

EXECUTIVE SUMMARY

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. Situated on Carob Way between E Washington Blvd and Jacmar Dr. Minutes from the Pico Rivera Town Center located off of Washington Blvd and Paramount Blvd. Please contact listing agent for link to viewing/ touring the property. Seller's instructions: Please do not disturb tenants, they are not aware of sale, building is 100% tenant occupied. Do not walk on property, do not contact occupants. For income/expense OM attachment, please send an email or a text to the office.

FINANCIAL SUMMARY (ACTUAL - 2024)	ANNUAL	ANNUAL PER SF
Gross Rental Income	$316,500	$37.98
Other Income	$4,200	$0.50
Vacancy Loss	$9,621	$1.15
Effective Gross Income	$311,079	$37.33
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$91,965	$11.03
Net Operating Income	$219,114	$26.29

FINANCIAL SUMMARY (ACTUAL - 2024)

Gross Rental Income
Annual	$316,500
Annual Per SF	$37.98

Other Income
Annual	$4,200
Annual Per SF	$0.50

Vacancy Loss
Annual	$9,621
Annual Per SF	$1.15

Effective Gross Income
Annual	$311,079
Annual Per SF	$37.33

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$91,965
Annual Per SF	$11.03

Net Operating Income
Annual	$219,114
Annual Per SF	$26.29

PROPERTY FACTS

Price	$3,295,000	Apartment Style	Low-Rise
Price Per Unit	$253,462	Building Class	C
Sale Type	Investment	Lot Size	0.37 AC
Cap Rate	6.65%	Building Size	8,334 SF
Gross Rent Multiplier	10.27	Average Occupancy	100%
No. Units	13	No. Stories	2
Property Type	Multifamily	Year Built	1958
Property Subtype	Apartment	Parking Ratio	1.33/1,000 SF

Price	$3,295,000
Price Per Unit	$253,462
Sale Type	Investment
Cap Rate	6.65%
Gross Rent Multiplier	10.27
No. Units	13
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.37 AC
Building Size	8,334 SF
Average Occupancy	100%
No. Stories	2
Year Built	1958
Parking Ratio	1.33/1,000 SF