2307 Continental Ave - Apartments FOR SALE


South El Monte, CA 91733
$2,600,000 USD
626-321-7410
2307 Continental Ave, South El Monte, CA for Sale
$2,600,000 USD
Apartments - FOR SALE
1/22
null | 5.01% Cap Rate

2307 Continental Ave
South El Monte, CA 91733


HIGHLIGHTS

  • Seller Financing: 20% Downpayment, 5.75% Interest Only, 10 Year Term.
  • Strong Unit Mix: (7) 2Bdr/1Bath units and (1) 1Bdr/1Bath unit operating as a 2Bdr/1Bath unit. All single-story, bungalow-style units.
  • Strong In-Place Cash Flow: Each unit averages $2,206 per month.
  • Possible Redevelopment Potential: Large 18,062 SF Lot zoned R-3.
  • Value-Add ADU: It may be possible to legalize the 1Bdr/1Bath unit as a 2bdr/1bath through the ADU Program. Buyer to verify.
  • Individually Metered: Separately Metered for Gas & Electricity.

OVERVIEW

2307 Continental Avenue in South El Monte is being offered for sale for the first time in over four decades. It comprises eight single-story, bungalow-style units on a large 18,062 SF lot zoned R-3. It is offered with attractive Seller Financing at 20% downpayment, 5.75% interest only for 10 years. It is a generational asset that offers strong cash flow, possible redevelopment potential, and attractive seller financing. The property consists of two freestanding units in the front and six units in the back. They are all single-story, bungalow-style units. There are seven 2bdr/1bath units. One unit is a legal 1bdr/1bath unit operating as a 2bdr/1bath unit. It may be possible to legalize this unit through the ADU program. Buyer to verify. There are 8 dedicated covered parking spaces. However, the driveway has ample room to fit several more cars comfortably. It is independently metered for gas and electricity, and there are in-unit washer and dryer hookups. Although there have not been recent capital expenditures to the roof, electrical, or plumbing, the driveway was repaved two years ago at the cost of nearly $12,000. The buildings are of wood & stucco composition and have pitched roofs. Units utilize wall air-conditioning/heating units. The owner pays for water, sewer, trash and common area electricity. Tenants pay for their own gas and electricity usage. 2307 Continental Avenue represents a rare opportunity to acquire a generational asset with a desirable unit mix of a majority 2bdr 1bath single-story, bungalow-style units on an 18,026 R-3 zoned lot with ample parking. The asset yields strong-in place rental income in a tenant-dense submarket. A prospective Buyer may benefit from the attractive seller financing offered by acquiring the property with only 20% downpayment at 5.75% interest only for 10 years.

FOR SALE DETAILS

PRICE

$2,600,000 USD

PRICE/SF

$398 USD /SF

# OF UNITS

8

PRICE/UNIT

$325,000

CAP RATE

5.01%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

2307 Continental Avenue

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1940

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.42 AC

LAND SF

18,113 SF

ZONING

R-3

APN/PARCEL ID

8104-023-002

ASK ABOUT THIS PROPERTY

Andy ChanKW CommercialMore Info
626-321-7410

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Andy ChanKW CommercialMore Info
626-321-7410

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