** New 2021 Construction - Condo Mapped - 100% Occupied - Listed at a 5.05% Cap Rate **
The subject property is a newly constructed 15-unit townhouse style apartment building located at 1029 S. Montebello Blvd. in the city of
Montebello. Completed in 2021, this property is composed of 3 three-story structures with approximately 26,250 SF of rentable space sitting on a parcel of approximately 22,678 SF. A condominium map has been filed for this property and the map will be recorded prior to close of escrow.
The units at this property are significantly larger than other for-rent units typically found in the market and are perfectly positioned for multi-generational families and work-from-home roommate environments. All fifteen units are large 5br, 3.75ba three-story townhome units of approximately 1,750 square feet with attached two-car garages. For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Montebello market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need.
In terms of amenities, each unit in this building benefits from an attached two-car garage with immediate access to the living space. There are five additional uncovered surface parking spaces for guests and overflow parking. All units have a private balcony, central heating and air conditioning and an open kitchen layout with a large kitchen island. Washer/dryer hookups are provided in a full laundry room on the third floor of each unit and the bedroom and bathroom on the first floor of each unit is ADA compliant. Tenants are responsible for their own electricity and gas bills and they are billed separately by sub-metering company Minol for water, sewer and trash.
The property is located in south Montebello and is located a short distance north of the I-5 freeway and access to this important arterial is excellent. This property offers a rare opportunity for an investor to purchase a newly constructed 15-unit apartment building with a condominium map in place that benefits from a unit mix that is unique to the market.