Property Detail

Description

Prime 10-unit Value-add in Temple City, First Time for Sale Since 2011, Newer Construction built in 1978, Clear Upside with 6.34% Proforma CAP Rate, Large C3 Zoned Lot, Garage parking prime for ADUs Conversions, Excellent Roof Condition + Plumbing upgraded. A very well maintained 2-story garden style apartment in the highly desirable area of Temple City, CA (unincorporated area). This newer built property (completed in 1978) has been in the same ownership since 2011. Temple City apartment market has always been known as a “high-barrier-to-entry” and “no inventory” market as there are very limited numbers of multifamily community offered for sale. The current rental income is low with an estimated ±32% below market! The properties are offered at a very attractive price per unit and offer a whopping 6.45% Proforma CAP Rate and 11.09x Proforma GRM, making this an attractive investment for a savvy buyer. The property has a large building size of 8,274SF and sits on a large 17,922SF corner lot. The lot has a high-density zoning (C3 – buyer to verify), offering future redevelopment possibilities and/or clear ADUs upside. The community is very well maintained with excellent curb appeal. It has three (3) large 2bed+1bath, and seven (7) spacious 1bed+1bath units. All the tenants are long-time tenants that are on month-to-month and most of them are due for rent increases in the next several months (buyer to verify). One 1bed unit (no. 9) is currently vacant and can be delivered vacant at close of escrow. All the occupied units are rented below market rents providing significant upside. Each unit is bright and spacious. Some unit have been partially updated with wood/vinyl flooring. Each unit has either tiled or laminate kitchen countertop, through-the-wall A/C, wall heating, gas stove, dishwasher, and ceiling fans in living room and each bedroom. Each unit is separately metered for electricity and gas. The building is serviced by a master water heater and shared laundry room (seller’s own machines). The roof is in excellent condition (buyer to verify). Parking is provided by a total of 16 spaces (15 garages + 1 open). Buyer can convert some of the garages into several ADUs (buyer to verify). The property is in the heart of west San Gabriel Valley, with just minutes away from Downtown Temple City on Las Tunas Drive and several major community shopping centers with local and national retailers.