21
See all 21 photos
$5,900,000
Est. payment /mo
26 Beds
20 Baths
16,338 SqFt
New
4439 Ocean View BLVD Montrose, CA 91020
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 16,338 sqft
Price per Sqft $361
MLS Listing ID 26827021
Bedrooms 26
HOA Y/N No
Year Built 1962
Lot Size 0.452 Acres
Property Description
Mid-sized multifamily properties rarely become available within the coveted La Crescenta-Montrose-La Canada corridor, with only six other properties with 20+ units having sold over the past 20 years. Nestled between the Verdugo Mountains and the San Gabriel Mountains, these small cities span nearly the entirety of developable land in the area, limiting the potential for construction of new, competing apartment properties. This, in turn, benefits the owners of existing multifamily properties, who enjoy higher rental demand as a result of these supply constraints. Attractively priced at a 5.27% CAP Rate while similar properties sold in the immediate area have averaged a 4.07% CAP Rate over the past year, the property provides immediate cash flow with an opportunity to further improve cash flow by recapturing the projected rent upside. The building contains mostly copper plumbing while the owner has already upgraded the main electrical panel and completed the seismic retrofit repairs, helping a new investor to save on both insurance and maintenance expenses. Situated just one block from shopping and dining destinations along Foothill Boulevard, the property also provides tenants convenient access to Downtown Montrose, including Trader Joe's and the weekly Farmer's Market at The Montrose Shopping Park along Honolulu Avenue. Residents are drawn to the area's small town vibes, while still enjoying easy access to the job market and amenities of the Los Angeles metro area. Several highly-rated schools in the immediate area help to attract families and long-term tenants as well.
Location
State CA
County Los Angeles
Area 635 - La Crescenta/Glendale Montrose & Annex
Zoning LCR3YY
Interior
Fireplace No
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5810009034
Special Listing Condition Standard
Listed by Roderick 'Rick' Raymundo Marcus & Millichap #01357019
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Chrystal And David Schoenbrun
Realtor/Broker Associate | License ID: 01409474 & 01761327