804 N Garfield Avenue
Montebello, CA 90640
Active for $7,850,000
Beds: 48 Baths: 48 Structure Size: 27,892 sqft Lot Size: 34,427 sqft
| MLS | 25493507 |
| Year Built | 1963 |
| Property Type | |
| County | Los Angeles |
| Status | Active |
| Active | $7,850,000 |
| Structure Size | 27,892 sqft |
| Lot Size | 34,427 sqft |
| Beds | 48 |
| Baths | 48 |
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 5.33% cap rate and a 10.93 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.
Listing information courtesy of: Shant Sherbetdjian, Remax Commercial and Investment Realty 626-657-8150. *Based on information from the Association of REALTORS/Multiple Listing as of 02/12/2025 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Location
Contact a Local Realtor®
Armen Ismailyan
REALTOR®
Direct: 818.568.5780
Email: Email Me
DRE: 01888525
DRE #01873088
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