241 E Fremont Sq

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Address: 241 E Fremont Square, Montebello, CA 90640, USA
Created date: February 22, 2024
Date last updated: March 27, 2024

Seller Financing

5% Interest Only with Five Year Term

First time on market in 35 years

Outstanding Location – Near CA-60, CA-19, I-5 & I-605

Over 0.49 Acres Parcel (21,717 SF)

On-Site Laundry Room | Swimming Pool

Two Electric Gated Parking Entrances

Individually Metered for Gas & Electric | Individual Hot Water Heaters

Population Over 579,000 Within a 5-Mile Radius

Average Household Income Exceeding $89,000 Within a 3-Mile Radius

Property Description

Marcus & Millichap is pleased to exclusively present the opportunity to acquire 241 East Fremont Square, a 16-unit multifamily investment property in the city of Montebello, California. Surrounded by single family residences, the apartment is located in a cul-de-sac within a quiet suburban neighborhood next to the Rio Hondo Bike Path. Constructed in 1958, the apartment sits on an over 0.49 acres (21,717 square feet) parcel with a total building area of 9,912 square feet. The property consists of sixteen one-bedroom/one-bathroom floor plans with an average of 620 square feet per unit. Each unit features either a patio (ground floor units) or a balcony (second floor units), gated front doors, floor to ceiling sliding patio doors, and wall-unit air conditioning. The apartment complex offers its residents with a swimming pool surrounded by lush landscaping, on-site laundry room with three washers and two dryers, two electric gated parking entrances, and sixteen open parking spaces. All units are individually metered for gas and electricity and have separate hot water heaters. The property is conveniently surrounded by multiple major thoroughfares within Southern California including CA-60, CA-19, I-5, and I-605, providing easy access for commuters west to Downtown Los Angeles, north to San Gabriel Valley, and east to cities in the Inland Empire. For residents taking public transportation, the closest bus line is a 10-minute walk and the Montebello/Commerce Metrolink Station is just an 8-minute drive away. With a very walkable score of 71, this multifamily property is within walking distance of several outdoor recreational areas using the Rio Hondo Bike Path including the Rio Hondo Park, Montebello Barnyard Zoo, and the Whittier Narrows Reservoir. In addition, several major shopping centers are within a three-mile radius of the subject property including Village Walk shopping center, Mart of Montebello, Montebello Town Square, and The Shops at Montebello. This section of Montebello boasts ideal demographics as there are more than 579,000 within a 5-mile radius, with an average household income exceeding $89,000 within a 3-mile radius. Montebello is a bustling city adjacent to San Gabriel Valley in Los Angeles County, approximately 8 miles southeast of downtown Los Angeles and about 30 minutes from Santa Monica. The city is full of parks and open space, diverse dining, and shopping experience amongst a thriving business district. The city reflects its name for beautiful mountain views, Montebello’s fertile hills are historically known for their natural beauty and breathe-taking views. The discovery of oil by Standard Oil Company on the Anita Baldwin property in 1917 brought about a revolutionary change to Montebello, gave rise to local industries and increased prosperity in the region. Located near major freeways, the city of Montebello serves as a commercial and community hotspot for local businesses, residents, and visitors to live, work and play.

Key Property Information

Listing Status: Available
Property Types: Apartment Buildings
Price: $4,198,000
No. of Units: 16
Opportunity Zone: No
Price per unit: $262,375
Address: 241 E Fremont Square, Montebello, CA 90640, USA

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