10808 Klingerman St, South El Monte, CA 91733

Property Description

We are proud to present this 6 unit multi-family apartments in the City of South El Monte. Built in 1958, the property is being offered for the very first time since 1972. The complex consists of 100% single story, cottage style buildings with all two-bedroom/one-bathroom units . Each unit is around 835 square feet with washer & dryer hookups. The property is situated on an approximately 24,851 square feet R3 lot with ample parking area as well as extra garages and storage spaces. In addition, City of South El Monte allows up to 16 units per acre for a R3 lot, which gives another option to the buyer for future residential development potential. One of the units is currently renting for $1,695 after an extensive renovation with new kitchen, new bathroom, new windows, and new flooring. Such improvement indicates the current rents are approximately 25% below market and allows the new owner to improve return to 5.25% CAP rate. The subject property is surrounded by mostly residential neighborhood near Santa Anita Avenue. Due to it's convenient location, tenants enjoy proximity to shopping, restaurants, Schools, and Freeway 10, 605, and 60. This investment offers long term, stable asset with the most desirable features . An astute investor can add value by increase return through unit renovation with future redevelopment potential in one of the strongest rental market in the San Gabriel Valley.