620 Wilcox AveMontebello, CA 90640

Property Details for 620 Wilcox Ave

Year built

1964

Lot size

0.49 AC

Property size (Sq ft)

18,436 SF

Zone code

MNR3YY

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5294-009-016

APU

5294009016

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $6,567,553

  6.5%

  $6,062,356

  7%

  $5,629,331

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,433,974

  Geo Method

  $5,433,974

• Alternative Use

  Use

  Valuation

  Residential

  $6,062,356

  Hospitality

  $5,553,086

  Educational

  $4,620,102

  Medical

  $4,778,994

  Retail

  $7,186,826

Location Insight

City

Montebello

County

Los Angeles

State

California

Latitude

34.0232

Longitude

-118.122

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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