- Unique 6-unit apartment investment with Excellent amenities and a Great Unit Mix in one of the Best locations in East LA near Atlantic Blvd. bordering Monterey Park and Montebello
- Long-time owner since 1990s
- Attractive current CAP Rate with significant rental upside potential with ±6.47% Proforma CAP Rate
- Walking distance to East LA College, Monterey Park, the Vincent Price Art Museum, Belvedere Park/Lake, and the Gold Line. (Atlantic/East LA Civic Center Stations); just 15 minutes from the Citadel Outlets and the major employment hub, Downtown LA
- Extremely easy access to the 60 and 710 Freeways and within minutes from FWY 5 and FWY 10
- Fully occupied with 100% rent collection; clean and easy to maintain apartments with many CAPEX completed recently
- Highly desirable single-story layout with an excellent curb appeal
- Excellent unit mix of ALL 2bedroom units
- Large lot size: ±10,000SF lot zoned SP; Open space parking, NO SOFT STORY retrofit is required!
- SP zoning which MAY make the residential rental units exempt from local rent control ordinance (follow AB1482 Statewide rent control – BUYER TO VERIFY)
- Many capital improvements have been completed: Brand-new 30-year roof with 10-year warranty, most units have been upgraded
- All units have been upgraded since 2018 (HVAC systems, new hardwood flooring, new fixtures in the kitchens/bathrooms, etc.)
- Each units have central HVAC, individual water heater, parking space
- 10 parking spaces with possible ADU units
- Plentiful Gated Surface Parking in a private parking lot with 9 spaces and 1 handicap space.
- Separately metered for electricity and gas, Secured entrance with gated parking
Growth Investment Group is proud to offer for sale 5442-5450 Pomona Boulevard, a unique apartment asset with great amenities in one of the best locations in East LA bordering Monterey Park and Montebello. The property has been in the same ownership since 1990s and unique due to its single-story layout and its tremendously easy access to amenities on Atlantic Blvd (Monterey Park) and Montebello. It is within walking distance from many local & national retailers on Atlantic Blvd, and within walking distance from East LA College, the Vincent Price Art Museum, and the Metro Gold Line Atlantic Station. Tenants also enjoy proximity to Montebello Country Club which housed multiple hotels, and a major shopping center (in Montebello). The property is located nearby Citadel Outlets and Atlantic Times Square Monterey Park.
Originally constructed in 1950 as a Garden-style office building (SP Zoning), 5442-5450 Pomona Boulevard has been operated as apartments for many years and features a unique combination of amenities including Central HVAC in all units and a large, gated parking lot with 9 surface spaces and one handicap space.
Because of the SP zoning, the residential rental units MAY exempt from local rent control ordinance (follow AB1482 Statewide Guideline – BUYER TO VERIFY).
The property offers an excellent unit mix of all 2bedroom+1bathroom units. Each unit is sizable and has been upgraded within the past 4 years with new hardwood flooring and bathroom/kitchen fixtures. Each unit has individual water heater. The property has undergone major capital improvements during current ownership, which includes brand new roof (10-year warranty), upgraded electrical, upgraded units, new exterior paint, and upgraded efficient planters.
The property has a secured entrance, gated parking, and is separately metered for gas and electricity. It is situated on a large ±10,000SF lot and has been very well maintained by the current ownership inside and out. It has 10 parking spaces and does not require any soft story retrofit. Due to a large lot size, new owner may be able to add additional ADU units (buyer to verify). The property is fully occupied and maintained strong collections throughout the Covid-19 Pandemic. There is a billboard located on the lot that is not part of the sale (there is a perpetual easement from the billboard operator to access the property).
Sub-Market Overview (East LA and Monterey Park):
East Los Angeles is a culturally vibrant, historical location that has become a desirable market for renters within the past few years. Home to historical landmarks like the Latino Walk of Fame and bustling retail corridors filled with restaurants like Mi Tierra and shops/stores ranging from the Nike Store to family-owned businesses on Atlantic, Olympic, and Beverly Boulevards, East LA is a prime destination for renters of all ages. It borders Monterey Park to the North and is only 15 minutes east of the major employment hub of Downtown LA. The area features grassy lawns, sporting/recreation facilities, and a clean, blue lake at Belvedere Park. East Los Angeles is also home to the Citadel Outlets and is a transportation hub with Metro Gold Line, East LA/Commerce Commuter Rail, and Metrolink Stations.
Monterey Park is a city located in the western San Gabriel Valley region of Los Angeles County, California. It is approximately seven miles from the Downtown Los Angeles area. The city's motto is "Pride in the past, Faith in the future". Monterey Park is part of a cluster of cities (Alhambra, Arcadia, Temple City, Rosemead, San Marino, and San Gabriel in the west San Gabriel Valley) with a growing Asian American population. According to the 2010 Census, the city had a total population of 60,269. Monterey Park has consistently ranked as one of the country's best places to live due to its good schools, growing economy, and central location. The area has been undergoing tremendous growth in the past 10 years with many new commercial real estate developments including Atlantic Times Square on Atlantic Blvd, and many new condominiums and commercial retail stores on Atlantic Blvd, and Garvey Ave retail corridor.