UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR25202976
HOA Y/N No
Year Built 1978
Lot Size 0.412 Acres
Property Sub-Type Apartment
Property Description
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.
Location
State CA
County Los Angeles
Area 661 - Temple City
Zoning LCC3YY
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Vinyl, Wood
Fireplaces Type None
Fireplace No
Appliance Dishwasher, Gas Range
Laundry Common Area
Exterior
Parking Features Assigned, Detached Carport
Garage Spaces 15.0
Garage Description 15.0
Fence None
Pool None
Community Features Suburban, Valley
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N No
View None
Roof Type Asbestos Shingle
Accessibility None
Total Parking Spaces 16
Private Pool No
Building
Lot Description Corner Lot, Landscaped, Level, Near Public Transit, Rectangular Lot, Street Level
Faces East
Story 2
Entry Level Two
Foundation Raised
Sewer Public Sewer
Water Public
Architectural Style Traditional
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 8573033006
Energy Description 2708.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
GET MORE INFORMATION
