801 803 E Newmark Ave, Monterey Park, CA 91755

Property Description

First time on the market in over 70 years! Young Lewin Advisors is pleased to present 801 and 803 Newmark Ave, an 8 unit property on two contiguous parcels totaling a lot size of 35,833 with R3 zoning. 801 E Newmark consists of a conventional 6 unit single story building with two separate front houses,(built in 1915 and 1952) and two duplex's (all 2 bed/1 bath units) built in 1962 with a carport in the rear. 802 Newmark Ave consists of two single family houses in the front- a 3 bed house built in 1956 and a two bed house built in 1950. Behind the houses is a substantial amount of vacant land. The Newmark properties have development potential being on nearly an acre of land. The lot dimensions for 801 per the assessor are 60.48 feet by 300.4 feet, and for 803 are 58.5 feet by 300.4 feet for a total of 35,833 square feet. Per the R-3 guidelines of the Monterey Park Development Standards (buyer to verify) - you can build one unit per 3,000 square feet with a maximum of 2 stories not to exceed 30 feet. If developed together you could build 11 units by right - and with AB-1211 you could add up to 8 ADU's making a 19 unit development potentially.