342 E NEWMARK Ave, Monterey Park, CA 91755

Property Description

Situated within an attractive suburban neighborhood of the desirable San Gabriel Valley, this offering is available for the first time in nearly 45 years. The spacious parcel spans 13,841 square feet of land and includes a two bedroom house along with four additional apartment units. Every unit features its own private yard, while four of the units also include washer/dryer hookups for tenants. A new investor can reposition the asset to capitalize on high rental rates in the immediate area. Current income sits approximately 45% below market rates, allowing an owner to improve revenue significantly. In addition, an owner could explore the possibility of creating new ADUs from the existing garage space, which could dramatically increase the property value. The building is not on the seismic retrofit list (Buyer to verify), which lowers future maintenance costs considerably. The roofs on all three buildings have also been replaced in recent years. Located near the intersection of Garvey Avenue and Garfield Avenue, the property is within blocks of several popular local restaurants and shops. A Walmart Supercenter, CVS, 7-Eleven, Ralphs, AMC Theaters, and 24 Hour Fitness are all within a short distance of the property. Residents can also visit the Montebello Town Square, The Shops at Montebello, and Alhambra Place, all within miles of the parcel. Tenants also enjoy convenient access to the 10, 60, and 710 Freeways.