Property Detail

Description

Nestled directly on the border of vibrant Paramount and Downey, the Gardendale Park Apartments stand out as a rare gem for discerning investors. Built in 1988 and spanning 61,439 square feet on a generous 1.11 acre lot, this 76-unit community offers a perfect blend of suburban charm and urban accessibility. Priced attractively at $19,500,000 ($256,579 per unit), it's an enticing value-add opportunity in a market where multifamily assets continue to thrive, delivering a Cap Rate of 6.12% and a GRM of 9.81 with untapped potential. The success of this investment lies in efficient and proactive management. To date, approximately half of the large units have been upgraded with items such as new countertops and kitchen cabinetry and upgraded flooring, window treatments and vanities. The remaining 50% of the units present an opportunity for value creation. By completing unit turns and improving leasing execution, a new owner can potentially increase annual NOI by approximately $350,000. Upside may also be realized through strategic expense controls and the implementation of a RUBS program. Many CapEx improvements have been made, these include items such as new exterior paint, new landscaping, numerous hardscape improvements, an upgraded onsite management office and more. For a buyer with a strong management execution strategy, this property offers multiple avenues for significant income growth and long-term stability. The property boasts an attractive unit mix of 29 one-bedroom/one-bath units and 47 two-bedroom/two-bath units, all featuring spacious layouts with private balconies or patios, gas fireplaces for cozy evenings, central air conditioning, and convenient in-unit washer/dryer hookups. Kitchens shine with stainless steel appliances, sleek countertops, and new cabinetry, while bathrooms offer plenty of storage and updated finishes. Living rooms abundant natural light from large windows, dining rooms, ceiling fans and more!