Exclusive Listings

Montrose Villa - 38-Units Luxury Apartment w/ Condo Map

Address:
3030 Montrose Ave
La Crescenta, CA 91214
Price:
$15,600,000
Status:
Sold
Type:
Apartment
# Units:
38
Year Built:
1973
Building Size:
28,636 SF
Lot Size:
47,323 SF
CAP Rate:
3.93%
GRM:
17.09x
Price/Unit:
$411,000
Price/SqFt:

INVESTMENT HIGHLIGHTS

•    Superb location in La Crescenta with an average household income of ±$140,000 within a mile radius

•    NON-rent-controlled stabilized asset suitable for a 1031 exchange buyer or a long-term investor

•    Located in a strong submarket with high barriers to entry, low vacancy rate, and high rent growth

•    Located within the highly desirable La Crescenta-Montrose school district

•    Excellent access to FWY 210, FWY 2, and FWY 134; Ease of access to downtown Los Angeles via FWY 2

PROPERTY HIGHLIGHTS

•    Newer construction built in 1973 with recent capital improvements

•    The property has an approved condo map (Final Tract Map# 40668 – City of Glendale)

•    Large lot size with abundant parking (total 83 spaces)

•    Excellent unit mix with many 2-bedroom units

•    Most units have been upgraded

•    Each unit is separately metered for electricity and gas

•    Abundant amenities with swimming pool, jacuzzi, barbecue area, laundry room, ample parking, secured entrance, gated parking, etc.

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to present MONTROSE VILLA - 3030 Montrose Avenue; a 38-unit luxury apartment community in the highly desirable city of La Crescenta, California. This offering presents a rare opportunity for investors to acquire a very well located, non-rent-controlled, upgraded apartment community with an approved condo tract map in one of the strongest submarkets in the Los Angeles County.

The property is a two-story, above parking, beautifully landscaped garden style apartment that was built in 1973 and has undergone extensive renovation in the past years. It is comprised of three buildings with a center courtyard, fenced swimming pool, jacuzzi, and situated on a large ±47,323 square feet (±1.09 acre) lot size. The property has a quiet ambiance and surrounded by single-family houses, condominiums and other area amenities such as churches and retail stores.

It offers an excellent unit mix of two (2) x 3 bedroom + 2 bathroom, twenty (20) x 2 bedroom + 1 bathroom, and sixteen (16) x 1 bedroom + 1 bathroom units. Each unit is large and bright with an attractive layout. The 3-bedroom unit has an estimated size of ±1,050 SF, 2-bedroom unit has an estimated size of ±800 SF, and the 1-bedroom unit has an estimated size of ±650 SF. Upgraded units have laminate wood flooring, upgraded kitchen with quartz/granite countertops and new kitchen cabinets, stainless steel appliances, completely redone bathroom with new vanity, new A/C units, ceiling fans, mirrored closet doors, and double pane windows throughout. Unit amenities include stainless steel refrigerator, stove, dishwasher and garbage disposal, windows a/c in living room and bedroom (some units), and ceiling fans in the kitchen area.

The property is separately metered for electricity and other attractive features. It offers many amenities like fenced swimming pool, jacuzzi, barbecue area, lush landscaping, laundry room, intercom and secured entrance. It offers ample parking with a total of 83 spaces which consists of 11 carport spaces, 2 open spaces and 70 tuck-under spaces (35 x 2 tandem parking). There is a tuck-under parking (2 tandem) that was converted into a storage area. The property has undergone major capital improvements that include landscaping work, and major unit upgrades.



LOCATION AND ACCESS

Montrose Villa is located in the highly desirable city of La Crescenta with excellent demographics of ±$140,000 Average Household Income within a mile radius. It is zoned for the nationally recognized, award-winning middle school and high school and within walking distance to La Crescenta Elementary School and Crescenta Valley High School, situated near Crescenta Valley Dog and Skate Park.

La Crescenta is a community that combines urban living and metropolitan convenience.  La Crescenta’s highest point sits 2700 feet above sea level, overlooking the Pacific Ocean during the day and clear views of downtown Los Angeles city lights at night.  Crescenta Valley continues to be a safe, convenient place to raise a family, conduct business, and enjoy Southern California at its best.

The property is surrounded by single-family homes with nearby churches, community parks, shopping centers, entertainment and public libraries.  Just minutes to USC Verdugo Hills Hospital, Descanso Gardens, Rose Bowl Stadium, The Americana at Brand, La Tuna Canyon hiking and mountain bike trails, and Montrose - Glendale’s historic old town, featuring dining, shopping, bowling, an upscale movie theatre, and a weekly farmers’ market. 

The property has superb access to FWY 134, FWY 210, and FWY 2, less than 20 minutes to downtown Los Angeles with easy access to public transportation.  Due to its outstanding location, residents also enjoy the tranquility of north Glendale and immediate access to Angeles National Forest, providing natural environments with spectacular scenery. 

Marketing Files


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

Jeanelle Mountford
Direct: 626.898.9710
jmountford@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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