Exclusive Listings

13-Units Prime Sierra Madre; a block away from downtown area

Address:
157 Esperanza Ave
Sierra Madre, CA 91024
Price:
$5,200,000
Status:
Sold
Type:
Apartment
# Units:
13
Year Built:
1956
Building Size:
12,339
Lot Size:
18,921
CAP Rate:
3.30%
GRM:
19.64x
Price/Unit:
$ 400,000
Price/SqFt:
$ 421

INVESTMENT HIGHLIGHTS

  • Extremely strong demographics with an average household income of ±$150,500 within two-mile radius
  • Prime value-add investment opportunity with an estimated ±24% rental upside potential
  • A block away from Sierra Madre Downtown area, steps away from Sierra Madre City Hall, Police Department; across the street from Sierra Madre Congregational Church
  • High walk score of 80 with superb access to many amenities within the city
  • NON-rent-controlled value-add asset suitable for a 1031 exchange buyer or a long-term investor
  • Prime San Gabriel Valley location in Sierra Madre with VERY LIMITED inventory of apartment for sale
  • High barriers to entry submarket with very limited inventory and high demand for apartments for sale; High rent growth and low vacancy rate area
  • Minutes to Santa Anita Mall, Santa Anita Race Track, Los Angeles Arboretum, FWY 210

PROPERTY FEATURES

  • Superb unit mix with excellent combination of 3, 2 and 1-bedroom units
  • Excellent curb appeal and surrounded by single family residential
  • Large lot size with ample parking
  • Large units (average size ±950 SF) with excellent layout
  • Very well maintained with double pane windows throughout, new landscaping will be installed in 2018 to replace swimming pool
  • Several units have been upgraded with laminate wood flooring, new bathroom vanity set, tiled kitchen, tiled bathroom
  • Each unit is separately metered for electricity and gas, shared laundry room, barbeque area, etc.

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer 157 Esperanza Ave, a value-add 13-unit, NON-rent-controlled apartment community in the highly desirable area of the City of Sierra Madre, California. It is located on a quiet residential street a block south of Sierra Madre Blvd. The property is surrounded by single family residential and condominiums complex.

Because of its superb location a block away from Sierra Madre Downtown (Sierra Madre Blvd and Baldwin Ave), the property enjoys strong occupancy and high walk score of 80. It is also within walking distance from Sierra Madre City Hall, Police Department and located across the street from Sierra Madre Congregational Church. It offers an excellent demographics with an average household income of ±$150,050 within two-mile radius.  

The property is a two-story garden style apartment that was built in 1956 and has undergone some renovation in the recent years. It has a total of ±12,339 SF building area and situated on a large ±18,921 SF lot. It has a swimming pool that will be replaced with landscaped/barbeque area. The property offers an excellent unit mix with three (3) x 3-bed + 2-bath, six (6) x 2-bed + 2-bath, and four (4) x 1-bed + 1-bath units. Each unit is large (estimated average unit size is ±950 SF) and bright with an attractive layout.

The property has been carefully maintained and partially upgraded. It has double pane windows throughout, and a barbeque & seating area. Seller already submitted plan to remove current swimming pool with landscaped area which will make the property even more attractive. Four units have been upgraded with laminate wood flooring, tiled kitchen, tiled bathroom, new bathroom vanities, etc. There are 20 parking spaces that located in the back and consists of 13-carport and 7-open parking spaces. Each unit is separately metered for electricity and gas and there is a shared laundry room near the parking area. 



Marketing Files


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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