345 POMELO Avenue $3,300,000

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    345 POMELO Avenue Monterey Park, CA 91755

    Closed
    SOLD 6/22/2022

    $3,300,000

    Market Estimate
    • 0 Beds
    • 0 Baths
    • 9,619 sq. ft.
    • Multi-Family
    • MLS# 22132597
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    Property Details

    The subject property is situated on a 0.22 acre lot. Constructed in 1977, 345 Pomelo Avenue consists of 10 apartments within a single building with a net rentable area of 9,619 square feet. The neatly landscaped, well-maintained property is separately metered for gas and electric and offers a laundry facility and 2:1 parking including 10 private garages. The desirable unit mix consists of 4 one-bedroom units, 5 two-bedroom units, and 1 three-bedroom unit. The units offer laminate wood-style flooring, gas stove, refrigerator, central heating and air, and ample storage space. While the current ownership has diligently maintained the property, the current ownership has not been aggressive in increasing rents or implementing full unit renovations. With current rents approximately 27% below market, a new owner is presented with the opportunity to increase rents to market upon vacancy or further increase rental income with complete unit renovations. There are no local rent control restrictions (the property remains subject to AB 1482). PART OF A 7 BUILDING PORTFOLIO; CAN BE SOLD INDIVIDUALLY

    • General Features
      • Association Fee 0.00
      • Buyer Compensation 1.000 %
      • County Or Parish Los Angeles
      • Number Of Buildings 1
      • Number Of Units Total 10
      • YearBuilt 1977
    • Building Features
      • Appliances Dishwasher,Refrigerator,None
      • Cooling Central Air
      • Flooring Laminate
      • Heating Central
    • Property Features
      • Lot Size Acres 0.43
      • Parking Total 20.00

    Neighborhood

    91755 (Monterey Park) Demographics

    44 Median Age
    8,633 Population Density (per sq. mile)
    34% College Educated
    $59,285 Estimated Median Income
    4,082 Estimated Total Home Owners
    4,587 Estimated Total Renters
    47% / 53% Estimated Owner / Renter Divide
    3 Estimated Average Household Size
    27,254 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $720,000 Median Sales Price
    5 Homes Sold
    17 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- New in Database Source: Multiple Listing Service New Value: $0 -100%
        6/22/2022 12:00:00 AM Sold Source: Multiple Listing Service New Value: $3,300,000
        5/3/2022 3:01:57 PM Status Changed Source: Multiple Listing Service New Value: Pending
        Based on information from California Regional Multiple Listing Service, Inc. as of 7/3/2022 10:13:05 AM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.