331 N Montebello Blvd, Montebello, CA 90640

Property Description

329-331 North Montebello Boulevard is being offered for sale for the first time in over two decades. It comprises a large House and 10 units on one parcel. It is a generational asset that has been well-maintained and self-managed within the same family during this time. The property consists of one 3bdr/1.75bath house (estimated 1,600 sf), one 2bdr/1.5bath unit, five 2bdr/1bath units, and four 1bdr/1bath units. The total building square footage is 10,479 estimated square feet and the lot size is 19,468 estimated square feet. It is zoned R-3. The house is a single-story building (with a patio) attached, by a garage, to a two-story building which comprises two units (bottom unit has a patio). The bigger two-story building in the back has 8 units. There are 18 parking spaces total: four one-car garages, seven tuck-under spaces, and seven surface spaces. Seismic retrofit for tuck-under parking is not mandated for the city of Montebello. The buildings are of wood & stucco composition and have pitched roofs. There is an on-site washer (replaced in 2024) and dryer owned by the building. Units utilize wall air-conditioning units and forced air for heating. The house uses a 40-gallon water heater, the two units in the front uses a 40-gallon water heater, and the eight units in the back use a 100-gallon water heater. Plumbing is cast-iron/galvanized and electrical panels are likely original. The building is separately metered for gas and electricity. The owner pays for water, sewer, trash and common area electricity and gas. It is desirably located about one block south of Montebello Boulevard and West Beverly Boulevard, which is one of Montebello’s most retail-rich intersections anchored by Vons, Marshalls, Starbucks, and Chase Bank. The asset has an 84 “Walk Score,” which means most errands can be accomplished on foot. The asset is also strategically located with convenient access to the 60, 5, and 605 Freeways. 329-331 North Montebello Boulevard represents a rare opportunity to acquire a generational asset with a large house, attractive and spacious unit mixes, on a sizable R-3 zoned lot, with ample parking. The asset yields strong-in place rental income and future rental upside in a dense, strategically located San Gabriel Valley submarket.