Exclusive Listings

13unit Pride-of-Ownership + Approved Plan for 2 ADUs in Arcadia, Great Location, Arcadia School

Address:
521-523 E Live Oak Ave
Arcadia, CA 91006
Price:
$6,600,000
Status:
Available
Type:
Apartment
# Units:
13
Year Built:
1960
Building Size:
8460 SF
Lot Size:
17,977 SF
CAP Rate:
3.92%
GRM:
17.46x
Price/Unit:
$508,000
Price/SqFt:

INVESTMENT HIGHLIGHTS

  • Excellent location in Arcadia nearby Arcadia Golf Course and minutes to Santa Anita Mall; Located within the Arcadia School District
  • Turnkey investment with attractive CAP Rate and Proforma CAP Rate; Perfect 1031 exchange property
  • Approved Plan for 2 ADU units comes with the sale (each ADU sized approximately ±725 sf)
  • Long-term hold property in an excellent area with very HIGH home-ownership rates (less chance of local rent control being implemented)
  • Major capital upgrades completed recently: new fence and parking gate, new landscaping, new façade and signage, new exterior paint, all units have been upgraded
  • Excellent demographics with ±$113,511 average household income in a one mile radius
  • Excellent access to FWY 210, FWY 605, and FWY 10
  • Nearby many new PUD developments (LENNAR, KB HOME, etc.) and newer custom homes development

 

PROPERTY HIGHLIGHTS

  • Beautifully upgraded Pride-Of-Ownership gated apartment community
  • Extremely attractive garden style apartment with excellent curb appeal, beautifully landscaped
  • Additional ±1,450 sf of living space once the ADUs have been completed by buyer
  • Large lot size of ±17,977 SF with ample covered parking plus storage space for most of the parking space
  • Attractive unit mix with combination of 2bedroom and 1bedroom units
  • Each unit is separately metered for electricity and gas, and individual water heater
  • Large and spacious units with excellent layout
  • Additional 15 storage spaces that can be rented out to bring additional income

 

PARTIAL LIST OF UPGRADES (BUYER TO VERIFY DURING INSPECTION)

  • Updated rough mechanical, electrical, and plumbing system
  • New drought tolerant landscaping
  • New secured entrance
  • New parking gate
  • New building façade and signage
  • New exterior paint throughout
  • Updated HVAC and exhaust system
  • New electrical subpanel
  • New flooring throughout
  • New kitchen with modern shaker style cabinet, new kitchen island or breakfast counter with quartz countertops, new stainless steel appliances (dishwasher, oven range, refrigerator, kitchen vent hood)
  • New laundry machines in each unit
  • New bathroom with new tub, tiled wall bathroom, new bathroom vanity cabinet, new bathroom lighting and hardware, new high-end bathroom tile
  • New lighting fixtures in each room
  • New Keyless entry door lock system

EXECUTIVE SUMMARY

Growth Investment Group Pasadena as the exclusive listing agent is proud to offer LIVE OAK ARCADIA, a 13-unit Luxury Mid-Century modern garden style apartment in the highly desirable City of Arcadia, CA. This offering provides an extremely rare opportunity for investors to acquire a beautifully upgraded apartment community in one of most desirable sub-market throughout San Gabriel Valley. This offering comes with an approved plan for Two (2) additional dwelling units (ADUs); each ADU is around ±725 sf which will add additional ±1,450sf to the building size. There is NO LOCAL rent control in Arcadia which allows maximum rent increase of 5% + CPI per AB1482 (maximum 10% rent increase). This property is located within the prestigious Arcadia School District.

LIVE OAK ARCADIA is an attractive two-story garden style gated community that was built in 1960 and renovated in 2022. It is situated on a LARGE lot of ±17,977 SF and offers excellent curb appeal with manicured landscaping, complete with large front yard and back yard with seating area. The property has undergone a massive renovation in 2022 which includes: all units upgraded, updated rough mechanical + electrical + and plumbing system (main line is not updated), new drought-tolerant landscaping, new secured entrance and new parking gate, new property façade and signage, new exterior painting, new HVAC and exhaust systems, roof was not upgraded (in good condition) and much more. It has excellent curb appeal with mature trees in the front and a secured entrance. Walking into the courtyard area, tenants will enjoy a beautifully landscaped community garden with park settings complete with separate area for outdoor seating.

The property offers an excellent unit mix of four (4) x 2bedroom+1bathroom and nine (9) x 1bedroom+1bathroom. Each unit is spacious with good floor plan. Each unit has been completely upgraded from top to bottom with attention to detail. Each unit has new flooring throughout, new kitchen with shakers cabinets (complete with kitchen island for the 2B units, and breakfast counter for the 1B units), Carrera quartz countertops and stainless-steel kitchen appliances including dishwasher and SS kitchen vent hood, new tiled bathroom with new vanities, smooth ceiling throughout, in-unit washer/dryer, new modern lighting fixtures throughout and new mini-split efficient a/c heating unit in living room and each bedroom. Each unit is separately metered for electricity and gas.

Parking is provided via 16 carport spaces + 1 open parking. There are 15 private storage rooms that could bring additional income. Each unit is separately metered for electricity and gas. The property has a shared laundry room (laundry lease). Number of carport spaces will be reduced once buyer starts the ADU constructions. Additional parking spaces can be added by striping the open spaces on the side.

The property is located on a quiet Live Oak Ave in Arcadia, just across from Arcadia Golf Course and minutes away from Santa Anita Mall. The property is located within the highly desirable Arcadia School District (Elementary: Longley Way Elementary, Middle: Dana Middle School, High School: Arcadia High - buyer to verify). It is minutes away from Santa Anita Park, a thoroughbred horse racetrack that offers some of the prominent racing events in the U.S. during winter and spring. USC Arcadia 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.

 




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
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