INVESTMENT HIGHLIGHTS
- Superior Location on Huntington Drive; a block away from the immensely popular Santa Anita Mall and Santa Anita Race-track
- Extremely RARE large value-add investment offering in central Arcadia (CLASS A Location in San Gabriel Valley); California AB1482 rent control (allows 5%+CPI annual rent increases)
- Best place to park your money to fight raging inflation!
- Upgraded Pride-of-Ownership community with good rental upside
- Excellent demographics with over $106,301 average household income within a 1-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 communities in the City of Arcadia
- Superb frontage on Huntington Drive; Surrounded by newer constructed townhomes and single-family residential on its east, west and north side
- Minutes away to almost all amenities City of Arcadia has to offer: Santa Anita Mall, Santa Anita Race-Track, Schools, City Hall, Methodist Hospital, shopping centers, groceries, etc.
PROPERTY HIGHLIGHTS
- Pride-of-Ownership apartment community with an excellent curb appeal
- Triple lot - large lot size of ±55,503 square feet with a total of 66 parking spaces
- Excellent unit mix with a good combination of 2-bedroom, 3-bedroom, and 1-bedroom units
- Upgraded community with many big capital improvements completed in the past 7 years
- 36 out of 42 units have been upgraded with modern upgrades: new kitchen, new bathroom
- Separately metered for electricity and gas, individual water heater in each unit, 3 shared laundry room, pool, barbeque area, lush landscaping
- Large units! Each unit has refinished hardwood floor, smooth ceiling, individual water heater, windows A/C, double pane windows, ceiling fans, refrigerator
- Some units have working gas fireplaces, private patios, and central heating
EXECUTIVE SUMMARY
Growth Investment Group is proud to offer ATLAS – 855, 865, and 875 W Huntington Drive, an attractive 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 north Arcadia, CA (CLASS A Location in San Gabriel Valley). The property has been upgraded and many important CAPEX has been completed in the past 6-7 years. It is not under any local rent control and there is an approximately ±14% rental upside.
The property is extremely unique due to its size and superb location. It is just a block away from the highly popular Arcadia Santa Anita Mall and Arcadia Santa Anita Racetrack, 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 plethora 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 $106,301 average household incomes within a 1-mile radius. It is surrounded by newer townhomes on its east and west side, and single-family residential community on its north side (ARCADIAN tract of Arcadia).
ATLAS is situated on triple lot totaling ±55,503 sf R3 lot and has a total of ±34,972 sf of building area. It was built in 1953 and has undergone continuous improvements in the past 8 years. Each lot has 1 building with this breakdown: #855 - 10 units, #865 – 22 units, and #875 – 10 units. It offers an excellent unit mix with one (1) 3 bedrooms + 2 bathrooms, four (4) LARGE 2bed+ 1bath, fifteen (15) 2bed+1 bath, and twenty-two (22) large 1 bed+1bath units. The property has a fenced swimming pool with new outdoor pool furniture, barbeque area, new landscaping, 3 shared laundry rooms (laundry leased), and carport parking in the back.
Due to its oversized lot, the property has a total of 66 parking spaces (only 62 is required) with 36 carports, 3 garage spaces, 2 unmarked spaces and 25 open parking spaces in front of the buildings. Each unit is separately metered for electricity and gas (recently installed seismic gas shutoff valve).
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. 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, individual water heater, smooth ceiling, double-pane windows throughout, plenty of storage cabinetry, windows a/c, ceiling fans, and refrigerator.
The community has undergone continuous improvement in the past 8 years (see table below). This translates to an easy to maintain and manage community while providing significant rental upside for new owner to capture and increase its already attractive cash flow and location. The property is regulated by California Statewide Rent Control AB1482 which allows the maximum 5%+CPI annual rent increases.
LOCATION AMENITIES AND ACCESS
ATLAS 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 three (3) 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; PRESIDENT SQUARE Shopping Center, a community shopping center anchored by 99 Ranch Market and an array of restaurants; and the newly opened H-Mart anchored groceries store shopping center. 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.
It 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.
CAPITAL IMPROVEMENTS completed
- Roof installed in 2015
- Driveway asphalt resurface in 2015
- New seismic gas shutoff valves
- EXTERIOR, Common Area & Landscaping
- New exterior painting
- New signage
- New structural exterior (wood paneling)
- New landscaping throughout
- Tree trimming & removal (2021)
- Deck/balcony upgrade
- Common area renovation
- New concrete to cover old removed tree stump
- New planters in the common area
- New sprinkler system
- New pet cleaning stations
- Designated bike parking area and clothing line area
- New fire & life safety (fire extinguishers)
- POOL
- New swimming pool drainage system
- New outdoor furniture in the swimming pool area
- Pool & Playground
- Newly painted steel guard rails and swimming pool fence
- New double pane windows
- UNITS INTERIOR
- ±36 units updated with new bathroom and new kitchen (BUYER TO VERIFY)
- New interior paint
- New hot water heaters
- New appliances in most units
- Refinished hardwood floors
- New electrical wiring, switches and plugs in most units
- New updated plumbing in some units
- Refinished tubs
- New ceiling fans in most units
COMMUNITY AMENITIES
- Central courtyard with new lush landscaping
- Gated and fenced swimming pool with new outdoor furniture
- Pet cleaning stations
- Bike racks
- Ample parking spaces
- 3 separate laundry rooms with clothes lines
UNIT AMENITIES
- Fireplace and central heating in several units, Windows A/C in most units
- Private patio/balcony in several units
- Solid refinished Hardwood flooring, new interior paint, New lighting fixtures and ceiling fans, New matching appliances including built-in microwave, New granite/quartz counters
- Stainless steel appliances in most units (refrigerator in most units, range oven, dishwasher, garbage disposal)
- Individual water heater in each unit
- Separately metered for electricity and gas