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314 N Nicholson Avenue

Monterey Park, CA 91755
  • $7,900,000
  • STATUS: Active
  • ON SITE: 44 Days
  • ID#: 21797308
$7,900,000
  • 0
    BEDS
  • 0.79
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1976
County:

School Ratings & Info

Listing Agent: Craig Strong of Compass and Kristin Neithercut of Compass


Description

We are pleased to present the opportunity to acquire 2 sister properties: 308 & 314 North Nicholson Avenue, a 20-unit multifamily asset in Monterey Park, a core market in the San Gabriel Valley. This 20 unit complex has a desirable location fundamentals minimize lease-up time and offers a new investor high rental potential with a stable resident profile. These strategically located, two-story structures were built in 1976 and consist of 2 three-bedroom/two-bathroom units, 8 two-bedroom/one-bathroom units, and 10 two-bedroom/two-bathroom units. It offers 20 covered parking spaces and 20 surface parking spaces for a total of 2 parking spaces per unit. There are leased laundry machines providing ease of management. The properties are individually metered for gas and electricity. There are also two - 1,000 SF garage structures towards the back of the property that offer Accessory Dwelling Unit (ADU) potential under new AB68 law. This is a rare opportunity for an investor to acquire a generational asset with an irreplaceable location that has been well-maintained yet positioned for future renovation. ***also available to be sold as two separate 10 unit properties at $3,950,000 each.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-04T00:27:26.463. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
www.themarellygroup.com/homes/122615476
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314 N Nicholson Avenue Monterey Park, CA 91755

  • Price: $7,900,000
  • Status: Active
  • On Site: 44 Days
  • ID#: 21797308
0
Beds
0
Baths
0
½ Baths
0.79
Acres
1976
Built
Neighborhood:
641 - Monterey Park
County:
Los Angeles
Area:
641 - Monterey Park
Property Description
We are pleased to present the opportunity to acquire 2 sister properties: 308 & 314 North Nicholson Avenue, a 20-unit multifamily asset in Monterey Park, a core market in the San Gabriel Valley. This 20 unit complex has a desirable location fundamentals minimize lease-up time and offers a new investor high rental potential with a stable resident profile. These strategically located, two-story structures were built in 1976 and consist of 2 three-bedroom/two-bathroom units, 8 two-bedroom/one-bathroom units, and 10 two-bedroom/two-bathroom units. It offers 20 covered parking spaces and 20 surface parking spaces for a total of 2 parking spaces per unit. There are leased laundry machines providing ease of management. The properties are individually metered for gas and electricity. There are also two - 1,000 SF garage structures towards the back of the property that offer Accessory Dwelling Unit (ADU) potential under new AB68 law. This is a rare opportunity for an investor to acquire a generational asset with an irreplaceable location that has been well-maintained yet positioned for future renovation. ***also available to be sold as two separate 10 unit properties at $3,950,000 each.
Exterior Features

Carport Spaces 0 Lot Features Rectangular Lot Parking Features AssignedCoveredGaragePrivate Parking Total 40 Pool Features None Pool Private YN No Spa Features None Spa YN No View YN Yes

Property Features

Additional Parcels YN Yes Association Fee 0 Garage YN Yes Gross Income 456066 Gross Scheduled Income 559848 Laundry Features Common AreaSee Remarks Levels TwoMulti/Split Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 279003 New Construction YN No Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 0 Zoning Mpr3*



Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-04T00:27:26.463. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
 
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The Marelly Group | Sentry Residential
5256 South Mission Rd, Suite 1006
Bonsall CA, 92003
Listing Agent: Craig Strong of Compass and Kristin Neithercut of Compass