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$ 7,200,000
$ 7,850,000 8.3%
Est. payment /mo
Sold on 06/09/2025
804 N Garfield AVE Montebello, CA 90640
48 Beds
48 Baths
27,892 SqFt
UPDATED:
Key Details
Sold Price $7,200,000
Property Type Single Family Home
Listing Status Sold
Purchase Type For Sale
Square Footage 27,892 sqft
Price per Sqft $258
MLS Listing ID 25493507
Bedrooms 48
Year Built 1963
Lot Size 0.790 Acres
Property Description
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 5.46% cap rate and a 10.79 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.
Location
State CA
County Los Angeles
Area 674 - Montebello
Zoning MNR3YY
Interior
Heating Radiant
Laundry Laundry Room
Exterior
Parking Features Covered
Building
Story 3
New Construction No
Others
Special Listing Condition Standard
Listed by Shant Sherbetdjian Remax Commercial and Investment Realty
Bought with Shant Sherbetdjian Remax Commercial and Investment Realty
Bought with Shant Sherbetdjian Remax Commercial and Investment Realty