2708 Penn Mar AVE El Monte, CA 91732
0.29 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV25073511
HOA Y/N No
Year Built 1953
Lot Size 0.286 Acres
Property Sub-Type Apartment
Property Description
The property is located within the city of El Monte and not subject to any local rent control. The city of El Monte is located within the San Gabriel Valley and amongst the more dense rental markets in the area with over 60% of the housing stock being renter occupied. The city is situated just 15-miles from DTLA and only a few blocks from the 605- and 10 freeways. Tenants enjoy short commutes to many notable attractions like Dodger Stadium, Hollywood Blvd, Crypto.Com Arena, Sofi Stadium, and Intuit Dome. The city is also less than 30-miles from Long Beach and Los Angeles Airports. More intimately, tenants enjoy being walking distance to several retailers along Garey Ave and Valley Blvd like CVS, Food- 4-Less, Northgate Market, and more. El Monte High School and other grade schools and parks are also within a short walk from the property.
2708 Penn Mar Ave is a 5-unit multifamily property offering 4, 1-Bedrooms and 1, 2-Bedroom units. All units are single-story bungalow-style units averaging 600 and 850 square feet. The property sits on an expansive +/- 12,468 square foot lot and offers ample space for on-site parking via garage and covered parking. The property currently collects $9,185 per month from rents and has additional revenue stream potential from on-site parking and an on-site laundry facility. The opportunity is presented at a healthy 4.78% CAP Rate and 12.70 GRM with upside via annual increases or improvements to market rent over time.
Location
State CA
County Los Angeles
Area 619 - El Monte
Zoning EMR3YY
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Curbs, Sidewalks
Total Parking Spaces 5
Private Pool No
Building
Lot Description 2-5 Units/Acre
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 8106018013
Energy Description 554.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
