Listing Provided Courtesy ofPasadena Market Center Inc Tour
The property offers a nice unit mix of 2 bedroom and 1 bedroom units totaling 2,115 square feet on a large MPR3 zoned 11,457 square foot lot. With current zoning, a new owner will have the option to build an additional four units on the site or redevelop the site to provide a total unit count of seven new units by-right (Buyer to verify with the City of Monterey Park).Currently, the site is served with garage and open parking spaces which allows for plenty of parking for tenants. With open space, an owner can become creative and provide high end common area improvements which would attract higher paying tenants. Furthermore, the current ownership does not provide common area laundry facilities which opens up a potential investor the ability to open another income stream.Monterey Park is a hillside suburban city in Los Angeles County, California, 7 miles east of Downtown Los Angeles. The city?s motto is ?Pride in the past, Faith in the future.? The city boundaries include Los Angeles to the west, Alhambra to the north, Rosemead to the northeast, and Montebello to the south. Conveniently located just below the 10 Freeway, Monterey Park is in the outskirts of the San Gabriel Valley; giving easy access to Los Angeles and other surrounding cities.
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Listing Courtesy ofPasadena Market Center Inc