Exclusive Listings

10-unit Value Add, Single Story Apartments, Large Lot Size

Address:
12543 Adler Dr
Whittier, CA 90604
Price:
$1,990,000
Status:
Available
Type:
Apartment
# Units:
10
Year Built:
1957
Building Size:
6,398
Lot Size:
22,700
CAP Rate:
4.15%
GRM:
15.26x
Price/Unit:
$ 199,000
Price/SqFt:
$ 311

INVESTMENT HIGHLIGHTS         

  • Value-Add opportunity with many long-time tenants and an estimated ±33% rental upside potential
  • Low price per unit and HIGH CAP Rate compared to competing properties in the area
  • Strong demographics with ±$81,500 Average Household Income
  • Superb location in between Whittier Blvd, Washington Blvd & Santa Fe Springs Rd.
  • Right across from PIH Whittier Hospital, Kaiser Permanente & PIH Woman’s Health Center
  • Conveniently located short distance to Uptown Whittier & The Shoppes at Whittier
  • Close to schools: Whittier High, St. Paul High, Evergreen Elementary, Lydia Jackson Elementary & The Boys & Girls Club of Whittier

 

PROPERTY HIGHLIGHTS

  • Large lot size over 22,000 square feet; ample parking
  • Desirable layout with 5 separate single-story buildings
  • Excellent unit mix with attractive combination of large 3 bedrooms to studio units
  • Each unit is separately metered for electricity and gas, individual water heater
  • Some units have already been completely remodeled (new kitchen cabinets and counters, bathroom tub and vanity, new appliances)
  • Under-utilized common garden areas
  • Storage area can be used to possibly bring additional income


 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer 12543 Adler Drive, a 10-unit apartment property comprised of 5 separate single-story 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 2004 and since then, 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 units. With only a block away from PIH Whittier Hospital, Kaiser Permanente & PIH Health Woman’s Center it is within excellent proximity to many inevitabilities.  Nestled in an ideal residential area, located right in between Whittier Blvd, Washington Blvd and Santa Fe Springs Rd.

The entire property is well-paved with brick wall surrounding and mature landscaping. None of the units have been extensively upgraded which provides prime opportunity for new ownership 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.

Front House 3 Bed + 2 Bath

The front unit is a 3bed + 2bath house with attached garage. A long horseshoe driveway in the front allows for 4 additional parking spaces, as well as a 2-car garage with private entryway leading into the kitchen. Well maintained house equipped with central AC/Heat, hardwood floors, ceiling fans throughout, large kitchen, large living area and large bedrooms. Laundry hook ups are inside the garage for added convenience. Sliding door from back yard into the living room where there are hardwood floors and tile in the hallway and kitchen. Newer paint throughout and carpet in bedrooms. Rents are way below market, an ideal situation for a sophisticated investor to maximize income potential.

2Bed + 1Bath Unit & Studio

Behind the front house is separated 2bed + 1bath unit equipped with private yard, 2 parking spaces and a covered - patio. Equipped with hardwood floor in the common area and tile in kitchen. Open layout makes the unit feel and show very well. Ceiling fans in living room and bedrooms. Good size closet in each of the rooms as well as ample kitchen area. Currently on month-to-month with long-time tenants, perfect for a value add investor to modernize units with tremendous upside in rents.

Following is another detached studio building. Single-story studio unit that is equipped with Wall AC, kitchen and stove, side yard, ceiling fan and two-entry doors. One parking space is assigned.

1 Bed + 1 Bath Units

Towards the back of the property is a large building consisting of five (5) 1bed + 1bath units and a smaller building with two (2) 1 bed + 1 bath units. Each unit has concrete steps to the entryway, private planter, arches at entry-way and rod iron security door. Each unit is equipped with water heater. Both end units are equipped with a side yard for extra privacy. Included in the larger building is a washing room with MAYTAG coin operated washers and dryers (not leased). Each unit comes with arch at entry-way and black rod iron security door.

Some of the units have been upgraded with the following: new water heaters, new kitchen cabinets, new kitchen and bathroom counters, new stove, new bathroom vanity’s, new bathtub and new paint throughout.  There is also an additional storage room next to laundry room which can be converted into additional income.

 

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. The property is situated on Adler Drive in the center of Whittier Blvd, Washington Blvd & Santa Fe Springs Rd. It is located right across from PIH Whittier Hospital, Kaiser Permanente & PIH Woman’s Health Center. Only a short distance to Uptown Whittier: Starlight Village Whittier Cinemas, The Bottle room, Whittier Friends School, Whittier Christian School, Whittier College and a plethora of dining options. While near Whittier Blvd and maintaining close proximity to the Shoppes at Whittier, which include retailers such as Burlington Coat Factory, Olive Garden Italian, Chili’s Restaurant, Big 5 Sporting Goods and Michael’s.

In addition, Whittier High School & St. Paul High School are both located less than a mile and half away from the subject property. Even closer are both Lydia Jackson Elementary School, Evergreen Elementary School & The Boys and Girls Club of Whittier.

Excellent location, this investment maintains excellent proximity to a variety of nearby amenities such as restaurants, shops, schools, college, health care facilities, 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.

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. 


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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