Twin Palm Apartments 2 Multifamily Properties Offered at $8,950,000 in Montebello, CA

Marcus & Millichap is pleased to exclusively present the Twin Palm Apartments, which is a 39-unit multi-family asset located in the city of Montebello, CA. The offering consists of a 27-unit multi-family property located at 116 N. Poplar Ave. and a 12-unit multi-family property located at 128 N. Poplar Ave, both situated on separate legal parcels next to each other. The 12-unit property includes four single-story residential houses and an eight-unit multi-family building. The 27-unit property includes four separate two-story multi-family buildings.
This is the first time the Twin Palm Apartments are being offered on the open market in 35 plus years, and recent upgrades include new electric sub-panels in each unit. Situated on 2 adjoining parcels, the combined lot size is 1.37 acres, and the properties are built in 1954 and 1962. There are a total of 9 buildings, with an estimated total building size of ± 33,639 square feet. The Twin Palm Apartments offer large and spacious units, with a unit mix of one, two, and three-bedroom units. There are multiple laundry rooms, tuck under, carport, and open parking spaces at said property. Each unit is individually metered for gas and electricity, and the landlord is responsible for water, sewer and trash.
The Twin Palm Apartments is priced competitively at a current GRM of 10.50 and a CAP Rate of 5.73%, which allows for favorable financing options on this investment opportunity. The current rents are estimated to be 15% to 20% below market rental rates and coupled with the upside in re-positioning the property with exterior / interior renovations, this is an ideal value-add opportunity. The offering is subject to only California’s statewide AB1482 rent ordinance, with no additional local rent control restrictions.
Please do not Disturb Tenants, Walk and/or Talk to Anyone at the Property.
For Further Information, Please Contact the Listing Agents.