540 E Garvey Avenue

    Monterey Park, CA 91755
    • $995,000
    • STATUS: Active Under Contract
    • ON SITE: 416 days
    • ID#: DW18071387
    Under Contract
    UPDATED: 41 min ago
    $995,000
    • 0
      BEDS
    • 0.14
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 2,460
      SQFT
    • $404
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1945
    County:

    School Ratings & Info

    Description

    The subject property consists of 3 retail units in the front building and 1 automotive unit in the rear building. The 4 total units are occupied by 3 tenants (the trophy tenant occupies 2 units). All tenants have been there longer than 10 years. All leases are NNN. All tenants are established and pay rent in a timely manner. Tenants have separate meters and the property is very easy to manage. Although there has been no vacancy at this location for over a decade, because of the small unit sizes (420 sf for the retail) the units are easy to keep rented. The property is well located on a corner in the desirable neighborhood of Monterey Park, CA. One of the tenants has a 8.5% rental increase coming up later this year. The property could also be a good fit for an owner user because 65% of the building will be on a month to month term by the end of 2018. Parking in the rear of the lot as well.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-05-20T16:35:42.277. 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. Licensed in the State of California, USA.
    www.playavistaliving.com/homes/82119902

    540 E Garvey Avenue Monterey Park, CA 91755

    • Price: $995,000
    • Status: Active Under Contract
    • Updated: 41 min ago
    • ID#: DW18071387
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.14
    Acres
    2,460
    SQFT
    $404
    $/SQFT
    1945
    Built
    Neighborhood:
    641 - Monterey Park
    County:
    Los Angeles
    Area:
    641 - Monterey Park
    Property Description
    The subject property consists of 3 retail units in the front building and 1 automotive unit in the rear building. The 4 total units are occupied by 3 tenants (the trophy tenant occupies 2 units). All tenants have been there longer than 10 years. All leases are NNN. All tenants are established and pay rent in a timely manner. Tenants have separate meters and the property is very easy to manage. Although there has been no vacancy at this location for over a decade, because of the small unit sizes (420 sf for the retail) the units are easy to keep rented. The property is well located on a corner in the desirable neighborhood of Monterey Park, CA. One of the tenants has a 8.5% rental increase coming up later this year. The property could also be a good fit for an owner user because 65% of the building will be on a month to month term by the end of 2018. Parking in the rear of the lot as well.
    Exterior Features

    Lot Features Level With Street Lot Size Source Assessor Lot Size Units Square Feet

    Interior Features

    Condo Area Units Square Feet Laundry Features None

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Building Status Existing Cap Rate 5.05 Country Us Insurance Expense 1428.00 Land Use Retail Laundry YN No Leasable Area Units Square Feet Maintenance Expense 1200.00 Max Total Area Units Square Feet Min Total Area Units Square Feet Net Operating Income 51780.00 Number Of Units Leased 4 Other Expense 1200.00 Property Sub Type Retail Real Estate Tax Expense 12815.00 Special Listing Conditions Standard Water Sewer Expense 750.00 Water Source Public

    Listing provided courtesy of Chris Comfort of Apex Properties


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-05-20T16:35:42.277. 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. Licensed in the State of California, USA.
     
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