Condominium buy in Aurant California

Multifamily Value-Add Opportunity** Multifamily apartment building built in 2006 priced at $127,500 per unit** Offered at a 6.85% cap rate on actualsto be a 8.31% cap through strategic renovations* Currently running at 18 units with the opportunity for a buyer to convert to 11 units, 3 large co-living units, or legalize the current 18 units* Rare on-site parking with 5 gated spots* The property is not subject to Los Angeles City Rent ControlStrong Multifamily Fundamentals* Monterey Hills home sale prices have risen 8.6% over the last year* Monterey Hills home values predicted to increase 8.1% in the next year* Submarket asking rents expected to rise 18.9% over the next five years* Submarket occupancy averaged 99% over the past five years* Renters make up 47.3% of housing population within a one-mile radius* Average household income of $111,010 within a three-mile radius and expected to rise 4.33% over next five yearsWell-located near Burbank, Pasadena and Downtown Los Angeles* Proximity to popular local shopping and dining spots, including Vittoria Pizza and THE SPOT Restaurant* Easy access to the I-5 and 110 Freeways, connecting the property to the greater Los Angeles Area* Just a short 6 minute drive to California State University, Los Angeles, and a 15 minute drive to Dodger Stadium* Location is rated very walkable, with a walk score of 84 out of 100.** Monterey Hills is a serene neighborhood situated in the central region of Los Angeles County. Nestled between Sierra Vista, El Sereno, and Montecito Heights, this quaint community provides a family-oriented environment for its roughly 2,800 inhabitants. Monterey Hills also boasts a well-structured education system with institutions like Monterey Hills Elementary, which consistently ranks as one of the best schools in the region. With close ties and a robust academic framework, it is no wonder the city is considered a great place to live. With a sturdy educational foundation, more than 40% of residents have earned college degrees and are gainfully employed in construction, management, sales, and administrative support. With easy access to the 110 Freeway, Monterey Hills is conveniently located approximately three miles from Pasadena and less than four miles northeast of Downtown Los Angeles. The charming suburb offers the perfect escape to bustling city life. Residents enjoy visiting Budd Weiner Park and Hawk On Hand Falconry wildlife park for recreation. With this relaxed environment, the multifamily landscape in Monterey Hills continues to exhibit significant growth potential, with an average market rent per unit of $2,131. The larger Downtown/Central Los Angeles multifamily market has seen an increase in effective rents climbing to 7.2% year-over-year. Despite the economic uncertainty and rising interest rates, market fundamentals remain strong, with sales activity recording $6.5B in total volume for Q2 2022. MLS® ID: 22191253 Listed: 7/27/22 Updated: 10/17/22 Interior Features Kitchen Appliances: Electric Cooktop, Microwave, Refrigerator Total Bedrooms: 19 Total Bathrooms: 19 Laundry Description: Common Area Floor Description: Wood Fireplace: None Heating: Electric Exterior/Building Features Lot Size: 4,500 ft2 lot Exterior Features: None Other Property Details Area Name: 621 - El Sereno Garage: Yes Garage Spaces: 5 Parking: Gated Parking Total: 5.0 View: N County: Los Angeles Pool: No Pool Description: None Total Stories: 3 Zoning: LAC4 Property History Date Event Price Value 9/1/22 Price Change $2,295,000 -9% Courtesy of Colliers International Greater Los Angel, Anna Kampling, Listing Contact: Based on information from California Regional Multiple Listing Service, Inc. as of 10/17/22. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.