490 Garfield Ave Montebello, CA 90640

Property Details for 490 Garfield Ave

Year built

1956

Construction

WOOD

Lot size

0.23 lot acres

Property size

6,531 SF

Zone code

MNC2

Property type

Investment properties

Property subtype

Live-work space

APN

6343-005-034

APU

6343005034

Description

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.

Location Insight

City

Montebello

County

Los Angeles

State

California

Longitude

-118.134

Latitude

34.0216

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments