NOT LISTED FOR SALE

342 E Newmark Ave Monterey Park, CA 91755

Estimated Value: $1,763,000 - $1,780,765

6 Beds
5 Baths
3,207 Sq Ft
$553/Sq Ft Est. Value

Last Sold March 24, 2022

Last sale price $1,645,000 $513 Per Sq Ft

Est. 8% increase in value since last sale

Current estimated payment $11,759/month

26 Days on Market

About This Home

As of March 2022

Situated within an attractive suburban neighborhood of the desirable San Gabriel Valley, this offering is available for the first time in nearly 45 years. The spacious parcel spans 13,841 square feet of land and includes a two bedroom house along with four additional apartment units. Every unit features its own private yard, while four of the units also include washer/dryer hookups for tenants. A new investor can reposition the asset to capitalize on high rental rates in the immediate area. Current income sits approximately 45% below market rates, allowing an owner to improve revenue significantly. In addition, an owner could explore the possibility of creating new ADUs from the existing garage space, which could dramatically increase the property value. The building is not on the seismic retrofit list (Buyer to verify), which lowers future maintenance costs considerably. The roofs on all three buildings have also been replaced in recent years. Located near the intersection of Garvey Avenue and Garfield Avenue, the property is within blocks of several popular local restaurants and shops. A Walmart Supercenter, CVS, 7-Eleven, Ralphs, AMC Theaters, and 24 Hour Fitness are all within a short distance of the property. Residents can also visit the Montebello Town Square, The Shops at Montebello, and Alhambra Place, all within miles of the parcel. Tenants also enjoy convenient access to the 10, 60, and 710 Freeways.

Last Agent to Sell the Property

Rick Raymundo

Marcus & Millichap License #01357019 Listed on: 02/04/2022

Co-Listed By

Justino Faaola

Marcus & Millichap License #02038198

Last Buyer's Agent

Rick Raymundo

Marcus & Millichap License #01357019 Listed on: 02/04/2022

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $23,337

Year Built

  • Built in 1955

Lot Details

  • 0.32 Acre Lot

Interior Spaces

  • 3,207 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 5 Bathrooms

Parking

  • 10 Parking Spaces
  • Assigned Parking

Community Details

  • 3 Buildings
  • 5 Units

Listing and Financial Details

  • Assessor Parcel Number 5259-003-050

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$23,337

Year Built

Built in 1955

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Living Area: 3207
  • Lot Acreage: 0.3177
  • Stories: 1
  • Year Built: 1955
  • Number Of Photos: 15
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 6
  • Total Bathrooms: 5.00
  • Price Per S Q F T: 467.73

Exterior Features

  • Other Structures: None

Garage/Parking

  • Parking Garage: Assigned
  • Total Parking: 10

Lot Info

  • Assessed Improvement Percent: 70.35
  • Assessed Improvement Value: 174146
  • Assessed Land Percent: 29.65
  • Assessed Land Value: 73399
  • Total Assessed Value: 247545
  • Assessor Parcel Number: 5259-003-050
  • Lot Size Area: 13841

Multi Family

  • Unit Type: 2106, 2107
  • Number Of Units: 5
  • Total Annual Expense: 0
  • Type Of Units: Residential
  • Vacancy Rate: 0

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Sep 14, 2022
Sold by
Chu Cora Yuen
Bought by
Cora Yuen Chu Revocable Trust
Current Estimated Value
$1,771,883

Purchase Details

Listed on
Feb 4, 2022
Closed on
Mar 22, 2022
Sold by
Paul S P Ma And Jean Li Ma Living Trust
Bought by
Chu Cora Yuen
Seller's Agent
Rick Raymundo
Marcus & Millichap
Buyer's Agent
Rick Raymundo
Marcus & Millichap
List Price
$1,500,000
Sold Price
$1,645,000
Premium/Discount to List
$145,000
9.67%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
3.33%
Original Mortgage
$1,100,000
Interest Rate
4.16%
Mortgage Type
New Conventional

Purchase Details

Closed on
Sep 19, 1994
Sold by
Li Ma Paul S P and Li Ma Jean
Bought by
Li Ma Paul S P and Li Ma Jean

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$150,000
Interest Rate
8%
Mortgage Type
Commercial

Purchase Details

Closed on
Jul 25, 1994
Sold by
Li Ma Paul S P and Li Ma Jean
Bought by
Li Ma Paul S P and Li Ma Jean

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$150,000
Interest Rate
8%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Cora Yuen Chu Revocable Trust -- --
Chu Cora Yuen $1,645,000 Chicago Title
Chu Cora Y -- Chicago Title
Li Ma Paul S P -- Benevest Title
Li Ma Paul S P -- Benefit Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Cora Yuen Chu Revocable Trust $1,260,000
Previous Owner Chu Cora Yuen $1,100,000
Previous Owner Ma Jean Li $150,000
Previous Owner Ma Jean Li $150,000
Previous Owner Li Ma Paul S P $150,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
03/24/2022 03/24/22 Sold $1,645,000 +9.7% $513 / Sq Ft
03/02/2022 03/02/22 Pending -- -- --
02/04/2022 02/04/22 For Sale $1,500,000 -- $468 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $23,337 $1,711,458 $1,087,218 $624,240
2023 $22,775 $1,677,900 $1,065,900 $612,000
2022 $18,270 $1,363,502 $984,754 $378,748
2021 $4,604 $247,545 $73,399 $174,146
2019 $4,476 $240,205 $71,223 $168,982
2018 $4,261 $235,496 $69,827 $165,669
2016 $3,983 $226,353 $67,116 $159,237
2015 $3,925 $222,954 $66,108 $156,846
2014 $3,910 $218,588 $64,814 $153,774
Source: Public Records

Agents Affiliated with this Home

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Map

Source: The MLS

MLS Number: 22-125003

The MLS

APN: 5259-003-050