801 & 803 E Newmark Ave

Property Description

Young Lewin Advisors is pleased to present 801 and 803 Newmark Ave, an 8 unit property on two contiguous parcels totaling a lot size of 35,833 with R3 zoning. 801 E Newmark consists of a conventional 6 unit single story building with two separate front houses (built in 1915 and 1952) that are a three bedroom and two bedroom house respectively and two duplex's (all 2 bed/1 bath units) built in 1962 with a carport in the rear. 802 Newmark Ave consists of two single family houses in the front (a 3 bed house built in 1956 and a two bed house built in 1950). Behind the houses are a carport with empty space to potentially develop at some point. The Newmark properties have development potential. The lot dimensions for 801 per the assessor are 60.48 feet by 300.4 feet, and for 803 are 58.5 feet by 300.4 feet for a total of 35,833 square feet. Per the R-3 guidelines of the Monterey Park Development Standards (buyer to verify) - you can build one unit per 3,000 square feet with a maximum of 2 stories not to exceed 30 feet.. This would allow a development of up to 5 units for 803 Newmark by right (5.9 units rounded down). With the passing of SB 1211, A developer could add up to five ADU's to this site with no parking requirement and more aggressive setbacks than the current city code (buyer to verify). This could make the site a potential 10 unit development making it much more lucrative to a potential developer.