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Glen Henderson
Premier Homes Team, a division of Big Block Realty
[email protected] +1(619) 500-3222$2,980,000
Est. payment /mo
3 Beds
2 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR25202976
Bedrooms 3
Property Sub-Type Res Income 2-4 Units
Property 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. Eac
Location
State CA
County Los Angeles
Zoning Assessor
Direction east of Santa Anita Ave and south of Las Tunas Dr, cross street is Freer st.
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 8573033006
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Listed by Handoko Chen Growth Investment Group Pasade
