216 E Graves Ave, Monterey Park, CA 91755

Property Description

Legacy asset, kept within the same family for over 50 years, first time on the market. Rare opportunity to acquire two (2) single story duplexes on a large lot in highly sought after North-Central Monterey Park. Excellent pro forma investment metrics for the area: gross rental income $100,800, cap rate 5.19%, GRM 13.84. All 4 Units are 2 bedroom/ 1 bath. Each unit has a front and rear entrance, washer/dryer hookups, and larger oversized windows for a more natural living room lighting, creating a nice atmosphere and living space for the tenants. On-site parking includes 4 garage spaces and 4 surface spaces. New roofs on all structures, including garages, with a transferable warranty. Walkup driveway slurry sealed for enhanced wear and tear resistance, added safety, and improved cosmetic appearance. Termite work on all structures, including garages, with warranty. The subject property is located in a desirable residential section approximately 5 minutes from the 10 freeway, The City of Alhambra, and Atlantic Times Square, a 200,000 s.f. national, regional, and local shopping center which includes 210 luxury condos, shops, restaurants, AMC Theaters, and 24 Hour Fitness. Monterey Park was named the third best american city to live in by Money Magazine in 2017 and has been thriving ever since. The local multifamily rental market continues to demonstrate strength due to the area's prime location near major freeways, shopping centers, parks, schools, and restaurants.