620 Wilcox AveMontebello, CA 90640

This exceptional 17-unit apartment building presents a compelling value-add investment opportunity in the desirable Montebello, California market. Built in 1964, this three-story property boasts 18,436 square feet situated on a 21,407 square foot lot. Currently operating at a 94% occupancy rate (projected to be 100% by 11/13/2024), the property generates a strong NOI of $317,017, representing a 6.10% cap rate with a pro-forma cap rate of 7.31%. Each of the 17 units is a two-bedroom, two-bathroom apartment, individually metered for gas and electricity, contributing to efficient utility management. A single water meter services the entire building. On-site laundry facilities, included in the sale, provide an additional revenue stream. Ample parking is available with 25 designated spots for residents and eight additional spaces generating $90 per month each. Security features include gated front and rear access with a remote-controlled rear gate. The property's convenient location offers easy access to the 60, 710, and 5 freeways, placing it within close proximity to Montebello Country Club and Topgolf Montebello. The asking price is $5,200,000, translating to $305,882 per unit and $282 per square foot. This property represents a rare opportunity to acquire a well-maintained, income-producing asset with significant upside potential in a thriving location. The property's long-term ownership history (47 years) speaks to its stability and desirability. The Los Angeles County Assessor's Parcel Number (APN) is 5294009016.