- Excellent Location in Temple City, bordering City of Arcadia
- Within minutes to Temple City Downtown on Las Tunas Drive and Arcadia’s Santa Anita Mall and Santa Anita Racetrack
- Strong Value-add Opportunity with significant upside (Proforma CAP Rate of over 5%)
- Low Price per unit for Temple City location!
- Located in a “NO inventory” area for multifamily 5+ units and above
- Strong demographics with ±$104,165 average household income within a-mile radius!
- Excellent access to FWY 10, and 210; Close to many public transportations on Las Tunas Dr
- Classic case of mismanagement where rental income is significantly below market rent
- Excellent curb appeal in a quiet residential street surrounded by single family residential
- Large lot size with R3 zoning for future redevelopment
- Attractive curb appeal with beautifully manicured landscaping
- Easy to maintain and operate with low vacancy history due to its location
- Overparked building with 34 parking spaces
- Separately metered for electricity and gas
- Secured entrance and gated parking
The Growth Investment Group is proud to offer McCulloch Temple City, an 18-unit value-add apartment investment opportunity located in the highly desirable city of Temple City. Temple City apartment market has always been known as “no inventory” market as there is always very limited numbers of multifamily community offered for sale. The property is located on a quiet residential street surrounded by single family houses. It is minutes away from Temple City Downtown on Las Tunas Drive, Santa Anita Mall and Racetrack in Arcadia on Santa Anita Ave and multiple large community shopping centers (newly constructed Camelia Square, Elm Center, K-Mart, Super A Center, etc.). The property is minutes away from Temple City’s elementary, middle and high schools. The current proforma income shows a high Proforma CAP Rate of 5.11% and Proforma GRM of 13.54!
McCulloch Temple City is an 18-unit garden style apartment community with beautiful center courtyard and situated on a large ±26,517sqft lot (R3 zoning). The building has an excellent curb-appeal and neatly manicured landscaping and was built in 1958. The property has an attractive unit mix with 1 x 2bed+1bath, and 17 x 1bed+1bath. All the units are rented to long-time tenants and offers significant rental upside potential.
Each unit has tiled flooring throughout with granite kitchen countertops, windows A/C, wall heating, and ceiling fans. Each unit has plenty of linen closets, floor to ceiling bedroom closet, and many of the bathrooms have been updated with beautiful porcelain/ceramic tile. Going out of the unit, tenant can enjoy the view of San Gabriel Mountains from the 2nd floor deck.
The property is separately metered for electricity and gas, offer secured entrance and gated parking, and has a shared laundry room. Parking is provided by 34 parking spaces in the back. It is spread out between carports and open space parking.
LOCATION AMENITIES AND ACCESS
The property is in the heart of Temple City with just minutes away from Temple City Downtown area, Arcadia’s Santa Anita Mall, and several major community shopping centers with local and national retailers. It is on a quiet residential street surrounded by SFR. The area has excellent demographics of ±$104,165 average household income within a-mile radius! The property is surrounded by single family houses, newly built luxury townhomes and condominiums, and smaller 3-4 units’ apartments. The property has superb access to FWY 10, FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Pasadena, Burbank and Glendale.