We are proud to present 244 W Walnut Avenue located in Monrovia, California. This 2,799 sqft 4-unit multifamily property, built in 1953, sits on over 8,000 sqft of land, and it boasts an excellent unit mix of (3) 2 Bed / 1 Bath units and (1) 3 Bed / 2 Bath unit. The property also has alleyway access at the behind the buildings where there are 4 garage parking spots for the tenants. This offering is an ideal value-add opportunity for an investor looking to capitalize on the more than 50% rental upside potential. Furthermore, an investor would be wise to consider converting the 4 garages in the back into additional units through the new ADUs laws passed in 2020 by the state of California. This property has been well maintained over the seller's 15+ year ownership. Most notably, the seller just replaced the roofs on this property early this year, and that comes with a 30-year warranty which will be transferred to the buyer. Additionally, the seller has remodeled the kitchens and bathrooms in two of the four units, and he has recently treated the property for termites. Lastly, due to the fact that this property has less than 5 units, an investor will be able to lock in a 30-year fixed rate residential loan at today's historically low interest rates, and will also be able to put down as little as 20% or 25% as their down payment.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
