620 Wilcox Ave Montebello, CA 90640
- Apartment buildings
- 18,436 SF
- 0.49 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 620 Wilcox Ave
- Year built
- 1964
- Lot size
- 0.49 lot acres
- Property size
- 18,436 SF
- Zone code
- MNR3YY
- Property type
- 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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $495,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $430,000
- 6.5%
- $465,000
- 7%
- $450,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $425,000
- Geo Method
- $515,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $435,000
- Retail
- $455,000
- Mixed-Use
- $370,000
- Hospitality
- $380,000
- Educational
- $390,000
- Residential Income
- $400,000
- Energy
- $490,000
- Income-Based Land
- $425,000
- Food Service
- $380,000
Location Insight
- Map
- Local Demand
- City
- Montebello
- County
- Los Angeles
- State
- California
- Longitude
- -118.122
- Latitude
- 34.0232
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
