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    1020 College View Drive

    Monterey Park, CA 91754
    • $1,700,000
    • STATUS: Closed
    • ON SITE: 444 days
    • ID#: CV19154950
    Sold - 08/07/2020
    $1,700,000
    SOLD - 08/07/2020
    • 0
      BEDS
    • 0.2
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,292
      SQFT
    • $321
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1959
    County:

    School Ratings & Info

    Description

    BACK ON THE MARKET! SELLER FINANCING AVAILABLE! The entire exterior building was painted in June 2020 and new outdoor lighting fixtures were added. Offered for the first time on the market, 1020 College View Drive is a 6-unit investment opportunity located in the desirable city of Monterey Park, California. The 5,292 square foot building was constructed in 1959 and consists of six large two bedroom/one bathroom floorplans of approximately 882 square feet. The two-story property sits on a 8,553 square foot parcel and is individually metered for gas and electricity and has a central hot water heater. The subject property presents a great opportunity for an investor to acquire a well located value add apartment community with over twenty percent rental upside. The property features a spacious patio or balcony for each unit, six tandem parking spaces (twelve total), storage bins in the carport area and an on-site laundry room. The building has been recently re-piped with copper to reduce future maintenance expenses.

    Sold by David Covarrubias of Marcus & Millichap.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-09-18T00:27:57.01. 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 Steele Canyon Realty. Licensed in the State of California, USA.

    www.steelecanyonrealty.com/homes/96457216
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    1020 College View Drive Monterey Park, CA 91754

    • Price: $1,799,999
    • Status: Closed
    • ID#: CV19154950
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.2
    Acres
    5,292
    SQFT
    $321
    $/SQFT
    1959
    Built
    Neighborhood:
    641 - Monterey Park
    County:
    Los Angeles
    Area:
    641 - Monterey Park
    Property Description
    BACK ON THE MARKET! SELLER FINANCING AVAILABLE! The entire exterior building was painted in June 2020 and new outdoor lighting fixtures were added. Offered for the first time on the market, 1020 College View Drive is a 6-unit investment opportunity located in the desirable city of Monterey Park, California. The 5,292 square foot building was constructed in 1959 and consists of six large two bedroom/one bathroom floorplans of approximately 882 square feet. The two-story property sits on a 8,553 square foot parcel and is individually metered for gas and electricity and has a central hot water heater. The subject property presents a great opportunity for an investor to acquire a well located value add apartment community with over twenty percent rental upside. The property features a spacious patio or balcony for each unit, six tandem parking spaces (twelve total), storage bins in the carport area and an on-site laundry room. The building has been recently re-piped with copper to reduce future maintenance expenses.
    Exterior Features

    Garage Spaces 0.00 Lot Features 6-10 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 12.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Common Area

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 4.17 Community Features CurbsSuburbanUrban Country Us Electric Expense 352.00 Elevation Units Feet Fuel Expense 1418.00 Gardener Expense 840.00 Gross Income 107310.00 Gross Multiplier 16.44 Gross Operating Income 107310.00 Gross Scheduled Income 109500.00 Insurance Expense 2500.00 Land Lease YN No Laundry Equipment Own Lease Lease Laundry Income 1600.00 Laundry YN Yes Maintenance Expense 3500.00 Net Operating Income 75002.00 New Construction YN No New Taxes Expense 21200.00 Number Of Separate Electric Meters 7 Number Of Separate Gas Meters 7 Number Of Separate Water Meters 1 Number Of Units Leased 6 Operating Expense 33908.00 Pest Control Expense 540.00 Professional Management Expense 0.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 33908.00 Trash Expense 1779.00 Vacancy Allowance 2190 Water Sewer Expense 1779.00 Water Source Public Year Built Source Assessor Zoning Mpr3*

    Listing provided courtesy of David Covarrubias of Marcus & Millichap and Douglas Mccauley of


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-09-18T00:27:57.01. 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 Steele Canyon Realty. Licensed in the State of California, USA.

     
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    Steele Canyon Realty
    5923 Severin Drive
    La Mesa CA, 91942