202 E HELLMAN Ave, Monterey Park, CA 91755

Property Description

The subject property is situated on a corner lot totaling 19,066 square feet. Constructed in 1961, 202 E Hellman Avenue consists of 12 apartments within 3 buildings with a net rentable area of 11,191 square feet. The neatly landscaped, well-maintained property is separately metered for gas and electric and offers a laundry facility and covered parking including carports and garage spaces.The desirable unit mix consists of all two-bedroom apartments, two of which are townhome-style. The units offer modern appointments such as tile flooring, granite countertops, gas stove, wall unit for heating and cooling, and ample storage space. Select units have a patio. While the current ownership has diligently maintained the property, the current ownership has not been aggressive in increasing rents or implementing full unit renovations. With current rents approximately 30% below market, a new owner is presented with the opportunity to increase rents to market upon vacancy or further increase rental income with complete unit renovations. There are no local rent control restrictions (the property remains subject to AB 1482). PART OF A 7 BUILDING PORTFOLIO; CAN BE SOLD INDIVIDUALLY.