215 N Alhambra Avenue, Monterey Park, CA 91755

Property Description

We are pleased to present a six-unit, single-story apartment complex in a prime Monterey Park location. The property sits on a 16,833-square-foot R3-zoned lot, offering both current income and future redevelopment potential. The asset consists of three single-story duplexes. The front duplex includes a three-bedroom, three-bath front unit and a two-bedroom, one-bath rear unit. The three-bedroom unit is currently configured and leased to three separate tenants as a 1-bedroom/1-bath ($1,200), 2-bedroom/1-bath ($1,850), and studio ($965).The middle duplex, comprised of a 2-bedroom/1-bath unit and a 1-bedroom/1-bath unit, sustained significant fire damage and will require substantial reconstruction. Rents shown assume the units are rebuilt and leased at market rates. The third duplex features two 2-bedroom/1-bath units and a shared on-site laundry room. The property offers 13 on-site parking spaces, including three two-car garages and six open surface spaces, providing strong parking for the submarket. Located just blocks from the Garvey and Garfield Avenue corridors and a short distance from Downtown Monterey Park, the property benefits from convenient access to retail, dining, and neighborhood amenities. The site also presents potential redevelopment opportunities, including PUDs, townhomes, or condominiums, subject to zoning and municipal approvals. Buyer to conduct their own due diligence to verify development feasibility and allowable uses.