The Growth Investment Group is proud to offer for sale The Empress, a 15-unit pride-of-ownership luxury apartment building with an excellent location in the highly desirable City of Arcadia, CA. The property is unique due to its superb unit mix, large lot size and a superb location. The property has been extensively upgraded to its current immaculate condition. There are several units that have not been fully upgraded which provides a good upside potential for investor to increase cash flow and value.
The Empress Apartment was built in 1961 and it features many luxury amenities that newer built apartments usually have. It is situated on a large lot size that spans from Fairview Ave all the way to another street (Arcadia Ave). The property offers seven (7) x 3bedroom+2bathroom and eight (8) x 2bedroom+2bathroom unit, central A/C and heating for each unit, vaulted ceilings, and townhouse style on some units. Each unit is large with an excellent floor plan and large patio. Most of the 3bedroom units are around ±1,550SF in size and the smaller units are around ±1,300SF (including private patio/balcony). Many units have floor to ceiling glass windows and sliding doors, each unit is individually metered for electricity and gas, and have individual water heater.
Owner has spent approximately ±$60,000/unit in each unit that has been upgraded. Each upgraded unit has been beautifully upgraded with open concept layout, new high-end flooring, smooth ceiling with recessed led lighting, new high-end kitchen complete with new cabinets, new countertops, new stainless steel appliances, tiled backsplash, high-end designer lighting fixture in the dining area, new high-end ceiling fans in each bedroom, new bathrooms complete with new floating vanity cabinets, and new tiled shower and bathtub.
All the 2bedroom units have a den space off the kitchen area that could be easily converted into a third bedroom. Five (5) of the units are townhouse style, with 2 levels, a patio, and a balcony on the second level. On the second level, the units have vaulted ceilings with open beams adding to the airy feel and spacious character. The property offers rich amenities including swimming pool, fire pit area, shared laundry room, twenty-eight parking (most are covered) total, secured entrance and secured parking and much more.
The property is located within the prestigious Arcadia Unified School district which is comprised of some of the highest rated schools in the state. Arcadia is known for its excellent demographics and high barriers to entry market, which has helped to increase rents and the desirability of properties like subject property. Additionally, it is located within walking distance to many local amenities including the Westfield Santa Anita Mall, Santa Anita Racetrack, Los Angeles Arboretum, Baldwin Avenue and Duarte Road retail corridors, and local schools.
Location, Amenities & Access
The property is centrally located at 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 where 4 of the schools were in the top 25 of 2013 L.A. County Highest API Scores.
It is in a quiet tree-lined residential area, surrounded by newer townhomes and single-family residential houses. It is within walking distance from Westfield Santa Anita Mall, an extremely popular regional shopping center that is anchored by national retailers such as Nordstrom, Macy’s, and AMC Theatre. It is also within walking distance to 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 multiple restaurants.
It is strategically located within minutes of several public schools (Holly Avenue Elementary, Camino Grove Elementary, Baldwin Stocker Elementary, etc.), L.A. County Arboretum and Botanic Garden, Arcadia Regional County Park and Golf Course, Arcadia Public Library, and all amenities the City of Arcadia has to offer. It is also minutes away from Santa Anita Park, a thoroughbred horse racetrack that host some of the most prominent racing events in the U.S. during winter and spring.
Methodist Hospital is minutes away on Huntington Drive. The property also offers excellent access to three major freeways in the area (FWY 10, FWY 210, and FWY 605) providing superb access to other parts of Greater Los Angeles area. The property is not subject to rent control and presents an excellent upside rental potential for a savvy investor to capture.