- One of the HIGHEST CAP Rate and LOWEST GRM investment offering in the best location of Arcadia, CA
- Superior Location on Huntington Drive; a block away from the immensely popular Westfield Santa Anita Mall and Santa Anita Race Track
- Extremely RARE non-rent-controlled value-add investment offering in truly a CLASS A Location!
- Excellent demographics with over $116,909 average household income within a 3-mile radius
- Located within the award-winning and highly coveted Arcadia School District (2017 Rank: #5 in LA County, #15 in California)
- One of the largest apartment community in the City of Arcadia
- Value-add offering where the major systems have been upgraded (roof, exterior paint, landscaping, partial plumbing, etc.)
- Excellent unit mix with a good combination of 2-bedroom, 3-bedroom, and 1-bedroom units
- Large lot size of ±55,503 square feet with a total of 66 parking spaces
- Surrounded by newer constructed townhomes and single-family residential on its east, west and north side
- Separately metered for electricity and gas, individual water heater in each unit, 3 shared laundry room, pool, barbeque area, lush landscaping
- Each unit is large with original hardwood floor, smooth ceiling, windows A/C, double pane windows, ceiling fans, refrigerator
- Some units have working gas fireplaces and private patios
- Excellent curb appeal with superb frontage on Huntington Drive
- Recent capital improvements are new exterior paint, new landscaping, new roof for all the buildings, new driveway asphalt resurface, double pane windows throughout
The Growth Investment Group is proud to offer Huntington Place – 855-875 W Huntington Drive, a prominent 42-unit value-add apartment community located in the highly desirable City of Arcadia, CA. This offering presents an extremely rare opportunity for investors to acquire one of largest apartment community in the affluent City of Arcadia, CA. The property is being offered as one of the highest CAP Rate and lowest GRM in comparison to Arcadia multifamily sales comparable in the past 12 months!
The property is unique due to its size and its superb location just a block away from the highly popular Westfield Santa Anita Mall and Santa Anita Race Track, providing unparalleled access to some of the main attractions in the West San Gabriel Valley submarket. It is within walking distance to the Los Angeles County Arboretum (on Baldwin Ave.), and a myriad of restaurants, stores and other retailers along Baldwin Ave. The property is located within the prestigious and desirable Arcadia Unified School District and enjoys superb demographics of $110,749 average household incomes within a 3-mile radius. It is surrounded by newer townhomes on its east and west side, and single-family residential community on its north side.
The property is a two-story garden style apartment community with a beautiful center courtyard and ample parking in both the front and back. It was built in 1953 and has a total of ±34,972 square feet of building area on an oversized lot of ±55,503 square feet. The property consists of 3 different parcels and buildings. The first building (855 W Huntington) has 11-units; the 2nd building (865 W Huntington) has 20-units, and the remaining 11-units are in the 3rd building (875 W Huntington). The property offers a superior unit mix with one (1) 3 bedrooms + 2 bathrooms, four (4) LARGE 2 bedrooms + 1 bathroom, fifteen (15) 2 bedrooms + 1 bathroom, and twenty-two (22) large 1 bedroom + 1 bathroom units. From 42-units, only 16-units have been partially upgraded. This offers a clear opportunity for investors to upgrade the original 26-units and fully upgrade the 16-units to realize the property’s full potential.
Each unit is separately metered for electricity and gas. The property has a fenced swimming pool, barbeque area, well-maintained landscaping, 3 shared laundry rooms (laundry leased), and carport parking in the back. The property has a total of 66 parking spaces with 36 carports, 3 garage spaces, 2 unmarked spaces and 25 open parking spaces in front of the buildings.
Each unit is bright, spacious with plenty of natural light and an excellent layout. The 3-bedroom unit is a large ±1,250sqft unit, the LARGE 2-bedroom unit sizes are between ±950sqft to ±1200sqft, the regular 2-bedroom unit sizes are between ±900sqft to ±950sqft, and the 1-bedroom unit sizes are averaging around ±625sqft to ±750sqft. Each unit has original hardwood flooring (some units have carpet), individual water heater, smooth ceiling (several units have popcorn ceiling), double-pane windows throughout, plenty of storage cabinetry, windows a/c, ceiling fans, and refrigerator. All the LARGE 2-bedroom units have large private patios (±200-210sqft) with views; some units have working gas fireplaces and central heating units. The corner units (±14-units) have more windows and are slightly larger than the middle units. Investors could charge an extra premium for these units.
The property has undergone major capital improvements in the past several years. These include new exterior paints, completely redone landscaping, all the main building roofs have been replaced in the past 4 years; all windows have been upgraded to the new dual pane windows. Driveway asphalt resurface was completed. 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. Many units have refinished original hardwood floors, upgraded plumbing, ceramic tiles in bath and kitchen, new Windows A/C, and new ceiling fans.
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 in which 4 schools were in the top 25 of 2013 L.A. County Highest API Scores.
It is located on Huntington Drive and a block away from the popular Westfield Santa Anita Mall (a regional indoor shopping mall with national retailers such as Nordstrom, JC Penney, Macy’s, and Forever 21), and Santa Anita Park, a thoroughbred horse racetrack that hosts some of the most prominent racing events in the U.S. during winter and spring. It is surrounded by newer townhomes on its east and west side and single family residential community on its north side.
It is 2 blocks away from L.A. County Arboretum and Botanic Garden, which is also on Baldwin Ave. It is minutes away 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 an array of restaurants. It is strategically located within minutes to several public schools (Holly Avenue Elementary, Camino Grove Elementary, Baldwin Stocker Elementary, etc.) and Arcadia Public Library. It has superb access to FWY 210 which connects with several major freeways like FWY 605 and FWY 134.