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340 S Garfield Avenue

Monterey Park, CA 91754
  • $7,800,000
  • STATUS: Active
  • ON SITE: 137 Days
  • ID#: AR21153084
UPDATED: 38 min ago
$7,800,000
  • 0
    BEDS
  • 0.84
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1971
County:

School Ratings & Info

Listing Agent: John Chang of Moon Realty


Description

First time on the market in over 40 years! The King's Lodge Motel is located in the heart of Monterey Park. A free-standing 14,576 square feet building comprising two stories sitting on a 36,745 square-foot lot which includes a detached private 2 bed 2 bathroom managers quarter at the back of the property. The Motel consists of 38 rooms (24X King Bedroom and 14X Double Queen). Conveniently located between the 10 and 60 freeways. Just 6 miles from Downtown Los Angeles and 17 miles from LAX. The City of Monterey Park was recently rated the "Best Place to Raise a Family" and this recognition marks the second time this year Monterey Park has been singled out as one of the best communities to live, work and play in the United States. Sale includes the land, building, and motel business. The motel provides very strong cash flow and robust property appreciation for the serious investor and operator. With continuous and returning local clientele. Projected to net over 6% Cap this coming year, this investment opportunity is second to none.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-07T00:25:38.313. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Fox Real Estate Team | HomeSmart Realty West. Licensed in the State of California, USA.
www.thefoxfactor.com/homes/119599861
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340 S Garfield Avenue Monterey Park, CA 91754

  • Price: $7,800,000
  • Status: Active
  • On Site: 137 Days
  • Updated: 38 min ago
  • ID#: AR21153084
0
Beds
0
Baths
0
½ Baths
0.84
Acres
1971
Built
Neighborhood:
641 - Monterey Park
County:
Los Angeles
Area:
641 - Monterey Park
Property Description
First time on the market in over 40 years! The King's Lodge Motel is located in the heart of Monterey Park. A free-standing 14,576 square feet building comprising two stories sitting on a 36,745 square-foot lot which includes a detached private 2 bed 2 bathroom managers quarter at the back of the property. The Motel consists of 38 rooms (24X King Bedroom and 14X Double Queen). Conveniently located between the 10 and 60 freeways. Just 6 miles from Downtown Los Angeles and 17 miles from LAX. The City of Monterey Park was recently rated the "Best Place to Raise a Family" and this recognition marks the second time this year Monterey Park has been singled out as one of the best communities to live, work and play in the United States. Sale includes the land, building, and motel business. The motel provides very strong cash flow and robust property appreciation for the serious investor and operator. With continuous and returning local clientele. Projected to net over 6% Cap this coming year, this investment opportunity is second to none.
Exterior Features

Fencing Wrought Iron Lot Features 0-1 Unit/AcrePavedSloped Up Roof AsphaltCommon Roof Sign On Property YN No

Interior Features

Appliances DryerWasher Cooling Wall/Window Unit(S) Cooling YN Yes Heating Electric Heating YN Yes

Property Features

Additional Parcels YN No Business Type Hotel/MotelHospitality Cap Rate 6 Common Interest None Laundry Features Common AreaWasher HookupGas Dryer HookupInsideLaundry Room Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To Existing LoanCash To New Loan1031 ExchangeOwner May CarrySubject To Other Property Sub Type Hotel/Motel Security Features Closed Circuit Camera(S)Carbon Monoxide Detector(S)Fire Detection SystemSmoke Detector(S)Security Lights Special Listing Conditions Standard Tax Year 2021 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-07T00:25:38.313. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Fox Real Estate Team | HomeSmart Realty West. Licensed in the State of California, USA.
 
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Fox Real Estate Team | HomeSmart Realty West
300 Carlsbad Village Drive #217
Carlsbad CA, 92008
Listing Agent: John Chang of Moon Realty