Covered-Parking Apartment
New
For Sale
$3,488,888
1244 S Spruce St, Montebello, CA 90640
Residential Income, Montebello, CA
Property Size8,990 SF
Lot Size0.32 Acres
Price / SF$388.09
Days on Market1
Property Features for 1244 S Spruce St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MNR3YY
Bedrooms
23
Bathrooms
11
Full bathrooms
2
Rooms
Bedroom 18, Bedroom 23, Bedroom 13, Bedroom 22, Bedroom 1, Bedroom 11, Bedroom 14, Bedroom 3, Bedroom 15, Bedroom 16, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 6, Bedroom 8, Bedroom 7, Bedroom 19, Bedroom 17, Bedroom 4, Bathroom 5, Bathroom 8, Bedroom 20, Bathroom 7, Bathroom 10, Bathroom 2, Bathroom 3, Bedroom 12, Bathroom 11, Bedroom 5, Bedroom 9, Bathroom 9, Bedroom 21, Bedroom 10, Bathroom 6
Parking
11
Parking features
Covered
Directions
Property is located on South Spruce Street, parallel to Greenwood Avenue, situated between Oakwood Street and Date Street.
Subdivision
Montebello
Standard status
Active
APN
6354-003-021
Size
8,990 SF
Lot size
0.32 Acres
Amenities
on-site laundry
Building Details
Year built
1962
Floors in Building
2
Number of units
11
Listing Agency:
Remax Commercial and Investment Realty · RE/MAX International
(213) 817-1000
Listed By:
Shant Sherbetdjian · License #01713570
(626) 657-8150
Added: Oct 7
Last Checked: Oct 7 at 5:06PM
MLS# 26998007
Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1962, this 8,990-square-foot apartment property contains a mix weighted toward two-bedroom units, plus a three-bedroom unit. Units average nearly 800 square feet. On-site laundry generates additional income, and covered parking is provided. The exterior has been recently painted. The property occupies 0.3181 acres and is zoned MNR3YY.
The property is a short distance from the 5, 605, 60, and 710 freeways. It is subject to California’s AB 1482 rent regulations and is not subject to local rent control. Current rents support a 6.21% cap rate and a 10.22 GRM.
The property is a short distance from the 5, 605, 60, and 710 freeways. It is subject to California’s AB 1482 rent regulations and is not subject to local rent control. Current rents support a 6.21% cap rate and a 10.22 GRM.
Key Highlights
- 8,990‑square‑foot apartment property on 0.3181 acres
- Unit mix primarily comprises two‑bedroom apartments, plus a three‑bedroom unit; average unit size is nearly 800 square feet
- On‑site laundry contributes additional income; covered parking is available
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.
Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix is primarily two-bedroom apartments, with an additional three-bedroom unit and on-site laundry facilities.
Where is this apartment building located?
The property is located at 1244 S Spruce St 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 on 0.3181 acres; Unit mix primarily comprises two‑bedroom apartments, plus a three‑bedroom unit; average unit size is nearly 800 square feet; On‑site laundry contributes additional income; covered parking is available
