490 Garfield Ave Montebello, CA 90640-2929

This exceptional mixed-use property, located at 490 N Garfield Ave, Montebello, CA 90640, presents a compelling value-add investment opportunity. The 8,350 square foot building, constructed in 1956, features a blend of retail, office, and apartment spaces across two stories. Currently 100% occupied with six tenants, the property boasts a strong pro-forma NOI of $180,992 and a pro-forma cap rate of 8.23%. The asking price is $2,200,000, translating to $263.47 per square foot. The property benefits from a prime location on a main corridor with high traffic volume, exceeding 50,000 cars daily at the intersection of N Garfield Ave and W Beverly Blvd. The building offers prominent street frontage and easy access. Existing leases are short-term, providing immediate upside potential for the new owner. The property includes four parking spaces and is offered fee simple. The Los Angeles County Assessor's Parcel Number (APN) is 6343-005-034. The current occupancy date is June 1st, 2024, with leases expiring May 1st, 2025, representing a remaining lease term of approximately 0.4 years. This presents a unique chance to acquire a well-positioned, income-generating asset with significant potential for future growth. The property is classified as an apartment building, storefront, and traditional office space.