521 W Riggin Street, Monterey Park, CA 91754
Property · 2 recorded sales since 2018
Sold April 2019
Listing Agent: John Mociak (DRE #01708711) · Listing Office: Keller Williams Beach Cities · Contact: 310-939-9300 · Bought with: HAGOP YAPOUJIAN · HYNET REALTY · MLS #SB19064123 · Source: CRMLS
About this property
Rare opportunity to acquire a cash flow residential income property in highly sought after Monterey Park. Two (2) buildings, a front triplex (2+1, 2+1, 1+1) with on site parking and a rear house (3+2) with a private entrance, sweeping mountain views, and two car garage. Well located asset: only a few blocks to Ralphs Supermarket, Starbucks, and Atlantic Square, a 208,000 square foot community shopping center. Excellent investment metrics: $99,000 Gross Scheduled Income, 4.92% Cap Rate, 14.22 Gross Rent Multiplier. Exterior renovations include: new roofs, new sub-roofing, new fascia board, new windows throughout, new exterior paint, new landscaping, and more. Interior renovations include: new flooring, new cabinets, new counter tops, remodeled bathrooms, remodeled master, remodeled kitchens, and more. Tenants enjoy spacious living, washer/dryer hook ups in each unit, on site parking, and good access to nearby freeways: 60 freeway, the 710 freeway, and the 5 freeway. Monterey Park was named the third best American City to live in by Money Magazine in 2017, and has been thriving ever since. The multifamily rental market continues to demonstrate strength and growth due to the area's prime location near major freeways , rail transportation, retail and shopping centers, schools and colleges, as well as many parks, cultural venues/events, and numerous restaurants with renowned domestic and international cuisine.
Listing description from the April 2019 sale, as reported to CRMLS.
Sale history
