INVESTMENT HIGHLIGHTS
- SELLER MOTIVATED! 5.87% current CAP Rate & 7.34% Proforma CAP Rate
- one of the LOWEST PRICE PER UNIT and the Highest CAP Rate in El Monte (as of March 2024)
- Strategic location near many major employers: Longo Lexus, Longo Toyota, Honda, Nissan, etc.
- 1 unit can be delivered vacant
- In the heart of El Monte within walking distance to multiple shopping centers (Northgate Market, El Monte Plaza, Victoria Plaza, etc.) and a mile from El Monte City Hall (Police department, Courthouse, etc.)
- Strong rental market within low vacancy area; Rental upside
- Strategic location near many commercial centers and surrounded by residential SFR community.
- Located close to public transits and convenient access to FWY 10
PROPERTY HIGHLIGHTS
- Single story layout with easy to manage unit mix; COPPER Plumbing (buyer to verify)
- Walk Score 81, Low Vacancy History
- LOW PRICE/UNIT + Significant rental upside potential through upgrades
- NO Local Rent Control, under California AB1482 Statewide Rent Control, maximum allowable rent increase
- Large lot size with ample parking, ADUs upside (buyer to verify)
- Ample parking, NO parking soft-story retrofit is required.
- All windows have been upgraded, some units have been updated with new flooring, new kitchen, and updated bathroom.
- Separately metered for electricity and gas, shared laundry room
EXECUTIVE SUMMARY
Growth Investment Group California are pleased to present 11513 Medina Ct, El Monte, a desirable 9-unit single-story bread and butter apartment complex in the heart of El Monte, California. It is strategically located in the heart of El Monte with proximity to major employment centers in the area such as Longo Lexus, Longo Toyota, El Monte Nissan, and many other shopping centers and major employers in the area. El Monte City Hall (police department, courthouse) is only a mile away, and it offers superb access to FWY 10. This location offers superb area amenities to tenants with a Walk Score of 81. There is no local rent control which provides maximum allowable rent increases under California AB1482. Current rents are significantly below market providing ±30% rental upside through unit upgrades.
The property was built in 1959 and situated on a large ±12,092SF R4 zoned lot (ADUs upside possible, buyer to verify). It consists of two single-story buildings with a center walkway. It offers an easy to manage layout with all 1bed+1bath units. The property has been somewhat upgraded with double pane windows throughout, and some units have been updated as recently as 2014-2015. Each unit has laminate/vinyl wood flooring, updated kitchen with granite countertops, and new bathroom. Most of the plumbing in the units have been updated as needed.
Parking is provided via twelve open space parking. Each unit is individually metered for electricity and gas. Laundry is provided via a shared laundry room. The property is an easy apartment to rent due to its convenient location. It offers easy access to many local and national retailers and is just minutes away from FWY 10.
LOCATION AND AREA AMENITIES
The property is located on a side street right off intersection of Peck Rd and Ramona Blvd, and within walking distance to many major employment centers in San Gabriel Valley. It is also minutes away from Valley Blvd, a major retail corridor and close to many multi-million-dollar new developments such as Magellan Gateway (±501,000 SF business parks development on Temple City Blvd), Holiday Inn – a ±133 room hotel that was recently completed, El Monte Gateway Project (a development project consisting of ±485 units of housing and ±25,000 square feet of retail), and many more.
11513 Medina Ct benefits from its prime location, with proximity to major transportation routes, educational institutions, shopping centers, recreational areas, and employment hubs. The property's central location ensures convenient access to everything residents may need, contributing to its attractiveness as a rental property.
El Monte is an increasingly desirable city in the San Gabriel Valley, an area that is experiencing rapid growth and redevelopment because of its excellent location and proximity to Downtown Los Angeles. El Monte has an excellent location for commuters because of the El Monte Busway, The Metro link, and easy access to the 10 FWY, 605 FWY, and 60 FWY; making almost every Southland location easily accessible from this location.