Multifamily Building with On-Site
For Sale
$3,488,888
1244 S Spruce Street, Montebello, CA 90640
The apartment mix is primarily two-bedroom units, with laundry facilities generating additional income.
Property Size8,990 SF
Price / SF$388.09
Days on Market21
Property Features for 1244 S Spruce Street
General Information
Standard status
Active
Size
8,990 SF
Total Parking Spaces
11
Property subtype
Residential Income
Zoning
MNR3YY
Financials
Cap Rate
6.21%
Gross Rent Multiplier
10.22
Additional Details
Highway Access
Yes
Amenities
on-site laundry
Building Details
Building Size
8,990 SF
Year Built
1962
Buildings
1
Stories
2
Units
11
Listing Agency:
Remax Commercial and Investment Realty
(213) 817-1000
Listed By:
Shant Sherbetdjian · License #01713570
(626) 657-8150
Source:
168realtyla
Added: Oct 7
Changed: Oct 25
Last Checked: Oct 25 at 9:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Remax Commercial and Investment Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 8,990-square-foot apartment property was built in 1962 and has a unit mix weighted toward two-bedroom apartments, plus a three-bedroom unit. Units average nearly 800 square feet. On-site laundry provides an additional income stream, and the exterior has been recently painted. The property is zoned MNR3YY and is subject to California’s statewide AB 1482 rent regulations, but not local rent control.
The property is in Montebello, within a short distance of the 5, 605, 60, and 710 freeways. Its reported 6.21% cap rate and 10.22 GRM are based on current rents, including income from the laundry facilities.
The property is in Montebello, within a short distance of the 5, 605, 60, and 710 freeways. Its reported 6.21% cap rate and 10.22 GRM are based on current rents, including income from the laundry facilities.
Key Highlights
- 8,990‑square‑foot apartment property built in 1962
- Primarily two‑bedroom units, plus a three‑bedroom unit; average unit size is nearly 800 square feet
- On‑site laundry generates additional income
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$144,656
Cap Rate
4.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,893,120
$2.9M
Cap Rate 7%
$2,066,514
$2.1M
Cap Rate 9%
$1,607,289
$1.6M
Market Conditions
NOI Build-Up for 8,990 SF
Gross rent
$285.9K $31.80/SF
− Vacancy
−$22.9K −$2.54/SF
EGI
$263.0K $29.26/SF
− OpEx
−$118.4K −$13.17/SF
NOI
$144.7K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,893,120
Cap Rate 7%
$2,066,514
Cap Rate 9%
$1,607,289
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.41M
NOI $144,656 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.81M
$4.21M – $5.62M
NOI $336,925 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Explore this area
Business Placement
Demographics for 90640, CA
62,678
Population
20,438
Households
3.1
Avg Household Size
38
Median Age
22%
College-Educated
74%
High-School Grad
8.3 sq mi
ZIP Area
7,552
Density / Sq Mi
$74,833
Median Household Income
$37,983
Median Earnings
$1,771
Median Rent
$660,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The apartment mix is primarily two-bedroom units, with laundry facilities generating additional income.
Where is this apartment building located?
The property is located at 1244 S Spruce Street Montebello, CA.
What is the asking price?
The asking price for this property is $3,488,888.
What are key features of this property?
This property features: 8,990‑square‑foot apartment property built in 1962; Primarily two‑bedroom units, plus a three‑bedroom unit; average unit size is nearly 800 square feet; On‑site laundry generates additional income
