The Growth Investment Group is proud to offer the COLIMA PORTFOLIO, a total of 49-unit value-add apartment properties in 2 separate buildings located in the highly desirable city of Whittier, California. This value-add opportunity is perfect for an investor looking to acquire an apartment property and maximize its income potential. The property has been under the same ownership since 1986 and is the first time being offered for sale. The units are currently leased to many long-time tenants on a month-to-month agreement at below market rents. With no rent control Buyers can quickly add value and increase income by modernizing the properties and units.
The properties consist of 2 separate buildings on 2 separate parcels. 11510 Colima is a larger building with 41-units, and 11522 is an 8-unit apartment. None of the units have been extensively upgraded which provides prime opportunity for new owner to do complete unit upgrades and maximize its income potential. Most of the tenants are long-term tenants on month to month agreement and the properties are non-rent-control assets. Parking is provided by carports located on the east and north side of both buildings. There are a total 74 parking spaces with an entrance on Colima Road to access the property.
The properties are strategically located on Colima Road near Telegraph Road, only a block away from Rio Hondo South Whittier Education Center and right across the street from L.A.S.D Police Academy and South Whittier Library. It is minutes away from Candlewood Country Club and almost all amenities the City of Whittier has to offer.
11510 Colima is a garden-style two-story building with center courtyard and parking area on each side and the back. It has 41-units and offers superb unit mix with one (1) x 4bed+2bath, one (1) x 3bed+2bath, three (3) x 2bed+2bath, nineteen (19) x 2bed+1bath and seventeen x 1bed+1bath. It was built in 1964 with ±31,616 square feet building size and situated on a ±53,333 square feet lot. It has a long walkway, and center garden area. The property is separately metered for electricity and gas.
Each unit is large with good layout; wall A/C in living room, ceiling fans, tiled bathroom. Some units have vinyl wood flooring in kitchen and bathroom area and new appliances, new kitchen cabinets and new bathroom vanity. The 3 beds and 2 beds unit layouts are superbly accompanied by double closet doors in the Master room with private bathroom entry, Window AC in each of the rooms including living area, carpet, water heater, new appliances, vinyl wood flooring in kitchen and baths, new cabinetry and ceiling fans throughout. Some units are equipped with new appliances, ceiling fans throughout, and new bathroom vanity.
There are 63 parking spaces total provided multiple carport spaces on each side of the building, and carport spaces in the back area. There is a shared laundry room in the back. The plumbing has been completely re-piped with copper piping around 15-years ago, and roof was replaced back in 2010. The property has been updated with a new rain gutter system.
11522 Colima is a garden-style two-story building with side courtyard and parking area in the front and back part of the building. It has 8 units and offers a very attractive unit mix of one (1) x 3bed+3bath, five (5) x 2bed+1bath, and two (2) 1bed+1bath units. The 3 bed+3bath unit is a townhouse style with private backyard and has been totally remodeled. This unit has a closed-off gas fireplace, washer and dryer hookup and multiple storage sheds in the parking area. The property is separately metered for electricity and gas.
Each unit is large with an excellent layout, has individual water heater, wall A/C in living room, ceiling fans, tiled bathroom. Some units have vinyl wood flooring in kitchen and bathroom area and new appliances, new kitchen cabinets and new bathroom vanity.
There are 11 parking spaces provided by 7 carport spaces and 4 tuck-under parking in the front. There is a shared laundry room in the back.
LOCATION AMENITIES AND ACCESS
The property is located in the prestigious city of Whittier with all of its appropriate amenities, suitable dining and fashionable shopping. According to a Demographic and Income Profile analytical report, within a 2 mile radius are more than 30% of household incomes earning over $100,000 annually
Borderline La Mirada, this portfolio maintains excellent proximity to a variety of nearby amenities such as restaurants, golf course, shops, schools, college, health clubs and entertainment venues. Whittier is located only 25 minutes from downtown Los Angeles and a half hour driving distance from beach communities, shopping and Orange County. It is only 10 minutes from the 5 or the 605 freeways, makes the location easily accessible. Consequently, a large array of very popular attractions in both the Los Angeles and Orange County regions are easily accessible from Whittier. Some of these include the Disneyland Resort in Anaheim, Knott's Berry Farm & Knott's Soak City in Buena Park, Universal Studios in Hollywood, and the Los Angeles Zoo.
The property is situated on Colima Road near Telegraph Road. It is located right across from South Whittier Library and LASD Police Explorer Academy while nearby to Rio Hondo South Whittier Educational Center and only a short distance to Candlewood County Club. In addition, La Colima Elementary School and Monte Vista Middle School are both located less than a mile away from the subject property
Whittier is located about 12 miles southeast of Los Angeles and about 20 miles northwest of Anaheim. The city of Whittier, California is home to Whittier College and also to the Southern California University of Health Sciences. The city was incorporated in 1898, and like many other southern California communities, underwent a population increase following World War II. Whittier experienced an even more rapid population spike starting in the 1990's.