EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer THE KENWOOD APARTMENTS – 830-832 Fairview Ave, a prominent 28-unit pride of ownership apartment community located in the highly desirable City of Arcadia, CA. This property has been under the same ownership since 1975 and is the first time ever being offered for sale.
The property is situated on a quiet, tree-lined, residential street surrounded by several other condominium and townhome communities. There are several new residential development projects nearby that demonstrate the strength of local property market. The property is located within the prestigious and highly-acclaimed Arcadia Unified School District and enjoys superb demographics of $110,749 average household incomes within a 3-mile radius.
The property is a two-story garden style apartment community with a center courtyard and a fenced swimming pool. It was built in 1960 and is situated on a large 37,796 SF lot size. It offers a superb unit mix of ALL 2bedroom and 1 bathroom units and has a total of 44 parking spaces provided by 23 carports, 12 tuck-under spaces, and 9 open parking spaces in the front. It has security camera system installed throughout the common area (underground cabling) and is separately metered for electricity. The property is an electric only apartment complex, no gas connection.
Each unit is bright, large with plenty of natural light and has an excellent layout. The average unit sizes per unit are between 750-950 square feet. Each unit has carpet, individual water heater, plenty of storage cabinetry, windows a/c, tiled bathroom and kitchen countertops, and an electric stove and oven. Four ground floor units have private patios, and eight 2nd floor units have enclosed patio areas. The property has been very well-maintained throughout current ownership with no known deferred maintenance.
Some capital improvements include- recently repainted exterior (sides of both buildings and carports); master keyed for all units; stair side railings upgrade in 2017; new mailboxes installed in 2013; new gutter system installed in 2010; parking lot resurface in 2013; new CCTV security system installed in 2012; new deck and 2nd floor walkway updated in 2009; new pool drainage installed in 2010; roof replacement in 2001; and installed motion sensor lightings in 2003. The swimming pool drainage system has been upgraded to the new standard. A new sprinkler system was installed 3-5 years ago, and landscaping was redone approximately 4-5 years ago.
LOCATION AMENITIES and ACCESS
The property is centrally located in the heart of the City of Arcadia. The city was recently featured as “Chinese Beverly Hills” by Los Angeles Times (December 3, 2014) due to its strong pull for foreign (Chinese) money in its thriving residential (single family house) real estate market. This property is located within the prestigious Arcadia Unified School District where 4 of the schools were in the top 25 of 2013 L.A. County Highest API Scores.
It is located within a quiet tree-lined residential area, surrounded by newer townhomes and single family residential houses. It is within walking distance from two (2) major shopping centers in the area- ARCADIA HUB Shopping Center, a ±256,000sqft power center anchored by national retailers such as Vons, LA Fitness, Burlington Coat Factory, Starbucks, Panda Express, Subway and mom and pop retail stores and PRESIDENT SQUARE Shopping Center, a community shopping center anchored by 99 Ranch Market (a popular Asian supermarket chain) and multiple restaurants.
It is strategically located within minutes to several public schools (Holly Avenue Elementary, Camino Grove Elementary, Baldwin Stocker Elementary, etc.), Westfield Santa Anita Mall (a regional indoor shopping mall with national retailers such as Nordstrom, JC Penney, Macy’s, and Forever 21), L.A. County Arboretum and Botanic Garden, Arcadia Public Library, and many amenities the City of Arcadia has to offer. It is also minutes away from Santa Anita Park, a thoroughbred horse racetrack that host some of the most prominent racing events in the U.S. during winter and spring.
Methodist Hospital is minutes away on Huntington Drive. The property also offers excellent access to three major freeways in the area (FWY 10, FWY 210, and FWY 605) providing superb access to other parts of Greater Los Angeles area. The property is not subject to rent control and presents an excellent upside rental potential for a savvy investor to capture.