Twin Palm Multifamily Apartment
For Sale
$8,950,000
116-128 N Poplar Ave, Montebello, CA 90640
Two adjoining parcels totaling 39 units, with multiple laundry rooms and individually metered gas and electricity.
Property Size33,639 SF
Lot Size1.37 Acres
Price / SF$266.06
Days on Market156
Property Features for 116-128 N Poplar Ave
General Information
Standard status
Active
Size
33,639 SF
Lot size
1.37 Acres
Property subtype
Multifamily
Additional Details
Cap Rate
5.73%
Multifamily Units
39
Amenities
laundry rooms
First time on the market in 35 plus years
Desirable Unit Mix of One, Two, and Three-Bedroom Units
Situated on 2 Separate, Legal Parcels (27 Units and 12 Units)
Individually metered for gas and electricity
Offered at 10.5 GRM and a 5.73% CAP Rate
Ideal Value-Add and Repositioning Opportunity
Building Details
Building Size
33,639 SF
Units
39
Tenancy
Multi
Listed By:
Drew Wetherholt · License #License(s): CA: 01065168
(909) 456-7019
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Jul 23 at 6:27PM
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 Drew Wetherholt
Investment Insights
Based on property information with market context.
Twin Palm Apartments is a 39-unit multifamily offering delivered across two adjacent legal parcels at 116 N. Poplar Ave and 128 N. Poplar Ave. The 27-unit component consists of four separate two-story multifamily buildings, while the 12-unit component includes four single-story residential houses and an eight-unit multifamily building. The property comprises a total of nine buildings and was built in 1954 and 1962, with recent upgrades including new electric sub-panels in each unit.
On-site amenities include multiple laundry rooms, tuck-under parking, and both carport and open parking spaces. Each unit is individually metered for gas and electricity, while the landlord is responsible for water, sewer, and trash.
Unit mix is comprised of one-, two-, and three-bedroom apartments, providing a range of residential configurations within a larger, consolidated multifamily setup.
On-site amenities include multiple laundry rooms, tuck-under parking, and both carport and open parking spaces. Each unit is individually metered for gas and electricity, while the landlord is responsible for water, sewer, and trash.
Unit mix is comprised of one-, two-, and three-bedroom apartments, providing a range of residential configurations within a larger, consolidated multifamily setup.
Key Highlights
- Twin Palm Apartments: 39‑unit multifamily asset in Montebello, CA across 2 adjoining legal parcels
- 27 units at 116 N Poplar Ave and 12 units at 128 N Poplar Ave, on separate legal parcels next to each other
- Unit mix includes 1-, 2-, and 3‑bedroom apartments, with multiple laundry rooms plus carport and open parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$541,278
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$10,825,560
$10.8M
Cap Rate 7%
$7,732,543
$7.7M
Cap Rate 9%
$6,014,200
$6.0M
Market Conditions
NOI Build-Up for 33,639 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.07M $31.80/SF
− Vacancy
−$85.6K −$2.54/SF
EGI
$984.1K $29.26/SF
− OpEx
−$442.9K −$13.17/SF
NOI
$541.3K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$10,825,560
Cap Rate 7%
$7,732,543
Cap Rate 9%
$6,014,200
Alternative Uses
Best Use
Apartment 5plus
$7.73M
$6.77M – $9.02M
NOI $541,278 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$18.01M
$15.76M – $21.01M
NOI $1,260,713 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
39
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,417
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjoining parcels totaling 39 units, with multiple laundry rooms and individually metered gas and electricity.
Where is this apartment building located?
The property is located at 116-128 N Poplar Ave Montebello, CA.
What is the asking price?
The asking price for this property is $8,950,000.
What are key features of this property?
This property features: Twin Palm Apartments: 39‑unit multifamily asset in Montebello, CA across 2 adjoining legal parcels; 27 units at 116 N Poplar Ave and 12 units at 128 N Poplar Ave, on separate legal parcels next to each other; Unit mix includes 1-, 2-, and 3‑bedroom apartments, with multiple laundry rooms plus carport and open parking
