Exclusive Listings

Valley & Del Mar Redevelopment in CORE San Gabriel; First Time for Sale Since 1951 - 19-unit Value Add

Address:
1534-36 S Del Mar Ave
San Gabriel, CA 91776
Price:
OPEN BID
Status:
Available
Type:
Apartment
# Units:
19
Year Built:
1951
Building Size:
±13,557 SF
Lot Size:
±28,313 SF
CAP Rate:
N/A
GRM:
N/Ax
Price/Unit:
n/a
Price/SqFt:
n/a

INVESTMENT HIGHLIGHTS         

  • Prime location next to several largest new developments in the City of San Gabriel; High Walk-score of 85
  • Superb location in CORE San Gabriel (NOT unincorporated area), and 1 lot from the PRIME corner of Valley Blvd & Del Mar Ave (Golden Mile)
  • First time ever being offered for sale since 1951 (68 years)!
  • Prime redevelopment site or value-add play as an existing 19-unit multifamily; Investor can process the development plan while receiving significant income from existing multifamily units
  • The Golden Mile location with large foreign capital pouring into many new developments
  • Superb traffic count (±29,400 average cars per day on Valley Blvd), High density area (population of ±143,666 people within a 2-mile radius), and aggressive foreign capital investments made this property a secure investment with strong appreciation potential
  • Adjacent property sold recently for ±$356/SF lot
  • Located close to many public transits stops and great access to FWY 10
  • NON-Rent-Control and NON rent freeze area; Located within the highly ranked San Gabriel Unified School District
  • Large lot size of ±28,313 SF with R3 zoning
  • Well maintained apartment building with excellent curb appeal
  • Current income is well below market rent
  • Clean, easy to operate apartment building with very low vacancy history (100% occupancy)
  • Property has been impeccably maintained; Separately metered for electricity and gas

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to present 1534-36 S Del Mar Ave, San Gabriel. The property is in CORE San Gabriel location (NOT unincorporated San Gabriel) and one lot from the prime corner of Valley Blvd and Del Mar Ave; considered as one of the most desirable commercial real estate corners in west San Gabriel Valley submarket (GOLDEN MILE). This property is being offered for sale for the FIRST TIME since 1951 (68 years)!

The property is located nearby several MOST exciting new developments in San Gabriel; namely Hyatt Place (222-room Hyatt Hotel – across the street), and The One (81 condominiums and retail – next door). Superb traffic count (±29,400 average cars per day on Valley Blvd), High density area (population of ±143,666 people within a 2-mile radius), and aggressive foreign capital investments (existing and planned) made this investment offering a secure investment with strong appreciation potential for investor.

This HIGHLY desirable and area amenities rich location offer excellent convenience to current multifamily tenants. Tenants can walk to San Gabriel Square Shopping Center, Hawaii Supermarket, Hilton Hotel, Sheraton Hotel, Hyatt Place (under construction), The One (under construction) and abundant restaurants and retail stores along Valley Blvd. Freeway 10 which connects San Gabriel with Downtown Los Angeles and other parts of greater LA is several blocks south of this property. Public transportations are abundant on Valley Blvd. It has a very high Walkability Score of 85.

The property consists of 19-unit multifamily situated on two lots totaling a large ±28,313 square foot (R3 zoning). 1534 building consists of 8-unit, and 1536 building consists of 11-unit. Due to its superior location and area amenities, the property is running at 100% occupancy. This 19-unit apartment allows investor to generate rental cash-flow while working on the entitlement. All the tenants are on month to month agreement and current rental income is significantly below market.

The property was built in 1951 with good unit mix of eight (8) x 2bedroom+1bathroom and eleven (11) 1bedroom+1bathroom units. Each unit has not been upgraded which provides rare opportunity for apartment investor to upgrade the units and increase rents to market should they decide to continue the operation as apartment. Parking is provided by combination of garage, carport and open space parking (total 20 spaces).

LOCATION AMENITIES AND ACCESS

The property is in the heart of San Gabriel and not subjected to rent control nor rent freeze. The stretch on Valley Blvd in San Gabriel is considered as “The Golden Mile” due to its flourishing Asian businesses (restaurants and retail stores). The draw of The Golden Mile attracts customers from other parts of San Gabriel Valley and greater Los Angeles. This area is experiencing a major growth with many new condominiums’ development under construction or in the pipeline.

Hyatt Place which is across the street from subject property is a 222-rooms Hyatt Hotel and 87 condominiums that is currently under construction. The One which is adjacent to subject property is 81 condominiums and retail that is currently under construction. 400 W Valley Blvd is another proposed project for 197 condominiums and ±50k square foot retail is just two blocks away. These are in addition to Hilton Hotel, Sheraton, and San Gabriel Square shopping center which are all within walking distance from subject property. Freeway 10 is several blocks south of the property and connects it with downtown Los Angeles and other parts of greater LA.

Often referred to as the “Birthplace” of the Los Angeles metropolitan area, San Gabriel boasts a mixture of Asian, European, and North American cultures. Second and third generation Chinese Americans patronize its diverse array of stores and eateries with most being on Valley Blvd. The San Gabriel Square mall is sometimes referred to as the “Chinese Disneyland” and also by the Los Angeles Times as “the great mall of China.” It is located in the San Gabriel Unified School District which consistently ranks as one of the highest achieving schools with some of the highest scores possible among public schools in California.




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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