UPDATED:
10/29/2024 05:51 AM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID TR24170754
HOA Y/N No
Year Built 1958
Lot Size 6,368 Sqft
Property Description
Each unit offers an open floor plan, a welcoming living room, and generously sized bedrooms, fostering a comfortable and community-oriented atmosphere among tenants, many of whom have lived here for over a decade. The properties share a secure courtyard, a greenbelt front yard, twelve rear parking spots, and additional street parking. Both buildings are separately metered, with a total of 14 gas meters, 14 electrical meters, and 2 water meters, and they include a shared laundry facility for additional income.
With two APN numbers (8105019034 and 8105019035), this combined investment offers various opportunities to maximize income, including rental increases, laundry income, and upgrades to units or amenities. El Monte’s absence of a local rent control ordinance allows for annual rent increases of up to 10% or 5% + CPI per California AB1482. Additionally, owning this income property allows investors to maximize various tax benefits, including cost segregation.
Located near Durfee and Rush Rd, this property is ideally positioned close to local shopping and dining options, such as CVS, Superior Grocers, Marshalls, Panda Express, Starbucks, and El Monte Community Hospital. Surrounded by Temple City, Arcadia, San Gabriel, and Rosemead, this complex is just 15 miles from Downtown Los Angeles and 29 miles from Ontario Airport, with seamless access to the 60, 10, and 605 freeways, the El Monte Metrolink Station, public transportation, and all major San Gabriel Valley amenities. This dual-building investment offers a unique opportunity for investors seeking steady income growth in a high-demand area.
Location
State CA
County Los Angeles
Area 619 - El Monte
Zoning EMR3*
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplaces Type None
Fireplace No
Laundry See Remarks
Exterior
Parking Features Off Street, One Space, Uncovered
Pool None
Community Features Valley
Total Parking Spaces 6
Private Pool No
Building
Lot Description Front Yard, Near Public Transit
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 8105019035
Energy Description 3478.0
Acceptable Financing Cash, Cash to Existing Loan, Conventional, 1031 Exchange, Owner Will Carry
Listing Terms Cash, Cash to Existing Loan, Conventional, 1031 Exchange, Owner Will Carry
Special Listing Condition Standard
GET MORE INFORMATION