Marcus & Millichap, as the exclusive listing agent, is pleased to offer Orchard Plaza Apartments, a 39-unit community located in Montebello, California. Centrally located in the city of Montebello, the property is well positioned to take advantage of the surge of economic activity and job creation in the immediate area. Specifically, the key economic drivers in the region such as warehouse and distribution facilities, manufacturing, and construction jobs have resulted in strong rent growth and low occupancy in the multifamily market.
Built in 1987, Orchard Plaza Apartments is comprised of four apartment buildings and three single family homes located on one parcel of land totaling 1.96 acres. The properties unit mix consists of studio, two-, and three-bedroom apartment units as well as three, three-bedroom homes totaling 39,352 square feet.
The subject property is ideally suited for a value-add renovation program. Current ownership has completed upgrades to 24-units, which include new kitchen light fixtures, granite kitchen and bathroom countertops, stainless steel sinks and refinished kitchen cabinet faces. Investors will have the opportunity to capture value by upgrading the remaining unrenovated apartments based on the current renovation scope. Additionally, there is an opportunity to incorporate vinyl plank flooring and appliance upgrades into the renovation scope and capture an additional premium.
