INVESTMENT HIGHLIGHTS
- SEMI Value-Add opportunity with an estimated 28% rental upside potential
- Low price per unit for a 40+ units building with some capital improvements already completed
- Overparked building which allows potential for ADU upside
- Excellent demographics with $97,574 average household income within a mile radius
- Superb location on Colima Road near Telegraph Road with excellent access to retails, employment centers, and public transportation
- Right across from L.A.S.D Police Academy & South Whittier Library, Walking distance to Candlewood Country Club (private golf club) and the newly built Liberty Community Center (a $20-million state of the art community center), and just minutes away Biola University and Whittier College.
- Located close to many public transits and convenient access to FWY 605 and FWY 5; ±25-minutes’ drive from Downtown Los Angeles
- Conveniently located couple blocks away from La Colima Elementary School and Monte Vista Middle School and Rio Hondo South Whittier Educational Center
PROPERTY HIGHLIGHTS
- Garden style apartment with an excellent curb appeal – 2 separate properties (41 units + 8 units)
- Excellent unit mix with 69% are combination of 2bedroom, 3bedroom and 4bedroom units
- Overparked building: 74 parking spaces total (63 spaces for the 41-units and 11 spaces for the 8-units)
- 11522 Colima: each unit has individual water heater, one 3bed+3bath townhouse style unit with laundry hookups, private backyard, and much more
- Exterior have been updated with new landscaping, exterior paints, new barbeque common area
- Most of the ground floor units in 11510 Colima have private patio
- Separately metered for electricity and gas, copper plumbing throughout for the 41-units
- Gated parking with secured entrance
EXECUTIVE SUMMARY
Growth Investment Group is proud to offer the WATERCREST APARTMENTS and VILLAGE CREEK APARTMENTS, a total of 49-unit semi value-add apartment properties in 2 separate buildings located in the highly desirable city of Whittier, California. This value-add opportunity is perfect for an investor looking to acquire an apartment property and maximize its income potential. The properties consist of 2 separate buildings on 2 separate parcels. WATERCREST - 11510 Colima is a larger building with 41-units, and VILLAGE CREEK - 11522 is an 8-unit apartment. Both properties offer an excellent location with excellent curb appeal. The properties are strategically located on Colima Road near Telegraph Road, across the street from L.A.S.D Police Academy and South Whittier Library, and a block away from Whittier’s Liberty Community Plaza, a new $20-million state of the art community center. It is minutes away from Candlewood Country Club and almost all amenities the City of Whittier has to offer. Parking is provided by carports located on the east and north side of both buildings. Each unit is separately metered for electricity and gas, and there are a total 74 parking spaces (combined) with an entrance on Colima Road to access the property.
WATERCREST APARTMENTS - 11510 Colima - 41-Units
WATERCREST - 11510 Colima is a garden-style two-story building with beautiful center courtyard and parking area on each side and the back. It has 41-units and offers superb unit mix with one (1) x 4bed+2bath, one (1) x 3bed+2bath, three (3) x 2bed+2bath, nineteen (19) x 2bed+1bath and seventeen x 1bed+1bath. It was built in 1964 with ±31,616 square feet building size and situated on a ±53,333 square feet lot. It has a center courtyard with lush landscaping and brand-new barbeque area (filled in pool). The property is separately metered for electricity and gas. There are 63 parking spaces total provided multiple carport spaces on each side of the building, and carport spaces in the back area. Because the building is overparked, there is a potential to add ADU units to this property.
Each unit is large with good layout; wall A/C in living room, ceiling fans, tiled bathroom. Most of the units have been updated with laminate wood floorings. The 3 beds and 2 beds unit layouts are superbly accompanied by double closet doors in the Master room with private bathroom entry, window AC in each of the rooms including living area, carpet, water heater, new appliances, vinyl wood flooring in kitchen and baths, new kitchen cabinetry and ceiling fans throughout. Some units are equipped with new appliances, ceiling fans throughout, and new bathroom vanity. There is a shared laundry room in the back. The plumbing has been re-piped with copper piping around 20-years ago by the previous owner, and roof was replaced back in 2010. The property has been updated with a new rain gutter system around 5-years ago.
VILLAGE CREEK APARTMENTS - 11522 Colima - 8-Units
VILLLAGE CREET - 11522 Colima is a garden-style two-story building with side courtyard and parking area in the front and back part of the building. It has 8 units and offers a very attractive unit mix of one (1) x 3bed+3bath, five (5) x 2bed+1bath, and two (2) 1bed+1bath units.
The 3bed+3bath unit is a townhouse style with private backyard and has been totally remodeled. This unit has a closed-off gas fireplace, washer and dryer hookup and multiple storage sheds in the parking area. The property is separately metered for electricity and gas.
Each unit is large with an excellent layout, has individual water heater, wall A/C in living room, ceiling fans, tiled bathroom. Some units have vinyl wood flooring in kitchen and bathroom area and new appliances, new kitchen cabinets and new bathroom vanity. There are 11 parking spaces provided by 7 carport spaces and 4 tuck-under parking in the front. There is a shared laundry room in the back.
LOCATION AMENITIES AND ACCESS
The property is in the prestigious city of Whittier with all its appropriate amenities, suitable dining and fashionable shopping. It offers an excellent demographics with ±$97,500 Average Household Income within a mile radius. Borderline La Mirada, this portfolio maintains excellent proximity to a variety of nearby amenities such as restaurants, golf course, shops, schools, college, health clubs and entertainment venues. Whittier is located only 25 minutes from downtown Los Angeles and a half hour driving distance from beach communities, shopping and Orange County. It is only 10 minutes from the 5 or the 605 freeways, makes the location easily accessible.
Consequently, a large array of very popular attractions in both the Los Angeles and Orange County regions are easily accessible from Whittier. Some of these include the Disneyland Resort in Anaheim, Knott’s Berry Farm & Knott’s Soak City in Buena Park, Universal Studios in Hollywood, and the Los Angeles Zoo.
The property is situated on Colima Road near Telegraph Road. It is located right across from South Whittier Library and LASD Police Explorer Academy, and only a short distance to Candlewood County Club and Whittier’s Liberty Community Plaza, a $20-million state of the art community center. In addition, La Colima Elementary School and Monte Vista Middle School are both located less than a mile away from the subject property. The property is less than 10 minutes away from Whittier College, and less than 5 minutes away from Biola University.
Whittier is located about 12 miles southeast of Los Angeles and about 20 miles northwest of Anaheim. The city of Whittier, California is home to Whittier College and to the Southern California University of Health Sciences. The city was incorporated in 1898, and like many other southern California communities, underwent a population increase following World War II. Whittier experienced an even more rapid population spike starting in the 1990’s.