About This Home
This 23-bedroom, 11-bathroom residential multi family at 1244 S Spruce St in Montebello, CA is listed for $3,488,888 ($388 per sqft). Built in 1962, the home offers 8,990 sqft of living space on a 0.32 acres lot.
Key Features
- Built in 1962
- 0.32 acre lot
- 2 stories
- 11 parking spaces
Property Details
First time being offered for sale in 28 years (nearly three decades), this property presents an excellent opportunity to acquire a well-maintained multifamily investment with an attractive unit mix consisting primarily of spacious two-bedroom units, along with a three-bedroom unit, averaging nearly 800 square feet each.
The property offers attractive cash flow with a 6.21% cap rate and a 10.22 GRM based on current rents which include additional income generated from the on-site laundry facilities. Recent improvements include a newly painted exterior, adding to the property's overall appeal.
This is an excellent opportunity for a 1031 exchange up-leg or as an addition to an existing investment portfolio. Conveniently located within a short distance of the 5, 605, 60, and 710 freeways, the property provides easy access to major transportation routes. The property is not subject to any local rent control and is only subject to California's statewide AB 1482 rent regulations.
Monthly Cost Estimate
$18,659/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
1244 S Spruce St
Montebello, CA 90640
Property Details
Parking
Questions & Answers
This 23-bedroom, 11-bathroom residential multi family at 1244 S Spruce St is listed at $3,488,888 ($388/sqft). The estimated monthly payment is $18,660 based on 20% down, a 30-year loan at 6.5% interest, estimated insurance.
Key features include: Built in 1962, 0.32 acre lot, 2 stories, 11 parking spaces.
This property is listed by Shant Sherbetdjian.
Shant Sherbetdjian
License 01713570Agent at RE/MAX Commercial & Investment
