Sold

1029 S Montebello BLVD

MONTEBELLO CA, 90640

$9,100,000


$346.67 per sqft

Sold

26,250 sqft

Residential

Built in 2021

** New 2021 Construction - Condo Mapped - 100% Occupied - Listed at a 5.05% Cap Rate ** The subject property is a newly constructed 15-unit townhouse style apartment building located at 1029 S. Montebello Blvd. in the city of Montebello. Completed in 2021, this property is composed of 3 three-story structures with approximately 26,250 SF of rentable space sitting on a parcel of approximately 22,678 SF. A condominium map has been filed for this property and the map will be recorded prior to close of escrow. The units at this property are significantly larger than other for-rent units typically found in the market and are perfectly positioned for multi-generational families and work-from-home roommate environments. All fifteen units are large 5br, 3.75ba three-story townhome units of approximately 1,750 square feet with attached two-car garages. For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Montebello market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need. In terms of amenities, each unit in this building benefits from an attached two-car garage with immediate access to the living space. There are five additional uncovered surface parking spaces for guests and overflow parking. All units have a private balcony, central heating and air conditioning and an open kitchen layout with a large kitchen island. Washer/dryer hookups are provided in a full laundry room on the third floor of each unit and the bedroom and bathroom on the first floor of each unit is ADA compliant. Tenants are responsible for their own electricity and gas bills and they are billed separately by sub-metering company Minol for water, sewer and trash. The property is located in south Montebello and is located a short distance north of the I-5 freeway and access to this important arterial is excellent. This property offers a rare opportunity for an investor to purchase a newly constructed 15-unit apartment building with a condominium map in place that benefits from a unit mix that is unique to the market.

PW21113732MR

MLS ID

March 18, 2024

Updated

Map

1029 S Montebello BLVD
MONTEBELLO CA, 90640

Interior Features

Total Stories

3


Laundry Description

Gas Dryer Hookup


Fireplace

No


Cooling

Yes


Cooling Description

Central


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.52 Acres


Roof

Bitumen


Sewer

Public Sewer

Other Property Details

Area Name

Montebello


Days on Market

76


Garage

Yes


Garage Spaces

30


Parking

Direct Entrance


Parking Total

35


View

No


County

Los Angeles


Pool

No


Pool Features

None


Zoning

MNR3YY

Listed by Matthew Wenzel with Marcus & Millichap
Listing Contact: 562-257-1200 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Mark Gruskin shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 3/18/2024

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