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314 N Nicholson Ave

Monterey Park, CA 91755
  • $7,900,000
  • STATUS: Active
  • ON SITE: 41 Days
  • MLS #: 21-797308
UPDATED: 67 min ago
$7,900,000
  • 42
    BEDS
  • 0.41
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 9,684
    SQFT
  • $816
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1976
County:

School Ratings & Info

School District:

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 the Combined LA/Westside Multiple Listing Service as of 2021-12-01T09:42:21.007. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.haciendagroupinc.com/homes/122614524
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314 N Nicholson Ave Monterey Park, CA 91755

  • Price: $7,900,000
  • Status: Active
  • On Site: 41 Days
  • Updated: 67 min ago
  • MLS #: 21-797308
42
Beds
0
Baths
0
½ Baths
0.41
Acres
9,684
SQFT
$816
$/SQFT
1976
Built
Neighborhood:
Monterey Park
County:
Los Angeles
Area:
Monterey Park
School District:
Los Angeles Unified
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 Total 0 Covered Parking 20 Cross Streets N Alhambra & E Garvey Garage Structures Total 2 Levels TwoMulti/Split Lot Description Lot-Level/FlatLot Shape-RectangularStreet PavedWalk Street Lot Size Area 34253 Other Structures Other Parking Garage Garage - 4+ CarGarage Is DetachedCovered ParkingGaragePrivate GaragePrivateAssigned Pool Description None Pool YN No Spa None Spa YN No Style Country English Tennis Court None Tennis YN No Total Parking 40 View Description Walk Street View YN Yes Water Frontage None

Interior Features

Baths Total 32.00 Common Walls Attached Cooling Air Conditioning Equipment Range/Oven Heating Other Laundry CommunityOther

Property Features

Assessed Total Value 985129 Gross Income 456066 Gross Operating Income 459000 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 2 Like Units5 1 Like Units6 1 Net Operating Income 279003.00 Number Of Buildings 2 Number Of Units 20 Sale Type Standard Source Living Area Assessor Source Lot Size Area Owner Total Annual Expense 177063 Type Of Units Apartments Year Built Source Assessor Zoning Mpr3*

Listing provided courtesy of Craig Strong DRE#01450987 of Compass.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-12-01T09:42:21.007. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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Hacienda Agency Inc
77935 Calle Tampico # 201
La Quinta CA, 92253