Investment Highlights
- Extremely RARE opportunity to acquire a sizable 40-unit VALUE-ADD asset in San Gabriel Valley
- Location is bordered by excellent cities (Arcadia, Pasadena, Temple City and San Marino)
- High going in CAP Rate of close to 5% and high Proforma CAP Rate of more than 6%
- LOW Price per unit of only $246,000/unit; Significant upside potential
- Excellent demographics with ±$105,207 Average Household Income within a-mile radius
- Long-time owner for 24 years (since 1996)! Upside potential through corrective management!
- Ease of access to FWY 210, FWY 10; Other major attractions within short distance are Westfield Santa Anita Mall, Santa Anita Racetrack, Los Angeles Arboretum, Valley Blvd retail corridor, Temple City and San Gabriel Downtown district, Old Town Pasadena, and much more.
- Superb frontage on Rosemead Blvd, surrounded by local & national retailers and other amenities the City of San Gabriel has to offer
Property Highlights
- Large lot size of ±39,273 SF in San Gabriel Valley (R3 Zoning)!
- Garden style property with center courtyard
- Prominent frontage on Rosemead Blvd which provides excellent exposure for leasing purpose, Low vacancy history
- Ample parking (total 57 spaces, require only 45 spaces – 12 excess parking space)
- Secured entrance, separately metered for electricity and gas, laundry facility (seller’s own machines), bike racks, and recently painted exterior
- Attractive unit mix for a rent-control state and county (Higher unit turnover opportunity); Los Angeles County unincorporated area
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer COUNTRY VIEW, a 40-unit multifamily investment opportunity located in the City of San Gabriel, CA (unincorporated area of Los Angeles County). This offering provides a rare opportunity for investors to acquire a sizable multifamily asset with tremendous upside potential through corrective management to increase the current income. This offering provides an attractive going-in CAP Rate of close to 5% and proforma CAP Rate of close to 6% which provides a whopping over 7% cash-on-cash return with proper financing.
The property is located on Rosemead Blvd and is surrounded by single family residential communities, neighborhood shopping centers, and other residential community amenities. It is surrounded by other excellent cities like Arcadia, Pasadena, Temple City, and San Marino. The property is a two-story garden style property that was built in 1964. It has a total of ±23,805 SF and situated on a ±39,273 SF R3 zone lot.
It offers an excellent unit mix of five (5) 2bedroom+2bathroom and thirty-five (35) 1bedroom+1bathroom units. Although most of the units have laminate flooring, an astute investor should be able to easily upgrade the units and increase rents to market. Each unit is separately metered for electricity and gas and has windows A/C, wall heater, and ceiling fans in the bedroom. The one bedroom units have one walk-in closet and a regular closet.
The property is overparked with a total of 57 covered parking spaces. The building only requires 45 spaces (2 spaces for each 2bedroom unit, and 1 space for each 1bedroom unit) which leave 12 excess parking spaces that can be utilized to generate additional income. Most of the units have not been upgraded which provides excellent repositioning opportunity to investors.
LOCATION AMENITIES AND ACCESS
The property occupies the highly desirable location on Rosemead Blvd with easy access to FWY 210 and FWY 10. It is within walking distance to the City of Arcadia and the City of Pasadena and bordered by desirable cities of Pasadena, Arcadia, Temple City and San Marino. The nearby attraction includes Westfield Santa Anita Mall in Arcadia, Santa Anita Racetrack, Huntington Drive retail corridor, and Rosemead Blvd retail corridor.
Because of its convenient location and prominent frontage on Rosemead Boulevard, the apartment has a superb exposure and excellent curb appeal that makes the property easy to rent.