- Superb location in a highly desirable city of Arcadia; located within Arcadia Unified School District, Near Santa Anita Mall, Santa Anita Park, medical offices, schools, library, retail stores, etc.
- Low Price/unit vs past 12 months Sales Comparable in Arcadia
- Possibility to add Additional Dwelling Units (ADUs) - Buyer to verify.
- Excellent value add deal with low price per unit and Proforma CAP Rate close to 5%
- Superb Demographics with over $121,527 average HH income within 1-mile radius
- Superb amenities - Across the street from 2 major shopping centers (99 Ranch Market in President Square, and ARCADIA HUB with Vons, Burlington Factory, and LA fitness as the major tenants), walking distance to retail stores on Baldwin Ave
- High barriers to entry market with very limited inventory for apartment investment
- Minutes away from multiple new developments (townhomes, condominiums and multimillion dollars single family residential)
- In the heart of City of Arcadia nearby major employers in the area, Walk Score 80, Very Desirable and convenient location.
- NO LOCAL RENT CONTROL; Highest Allowable rent increases in California (AB1482)
- Large lot size with ample parking; Recently filled in pool converted into a central courtyard.
- Attractive unit mix, each unit is separately metered for gas and electricity, individual water heater, double pane windows throughout, Windows A/C, laundry facility.
- Some units (±5 units – buyer to verify) have been upgraded with hardwood floor, granite kitchen countertops and new kitchen cabinets.
- Possible ADU upside in the back (buyer to verify), NO parking soft story retrofit is required
Growth Investment Group California is proud to offer THE 833, a 12-unit apartment in the City of Arcadia, California. Offered at one of THE LOWEST PRICE PER UNIT for apartments in Arcadia, this offering presents a rare opportunity to investors to acquire a strategically located, value-add apartment in the heart of the City of Arcadia, CA; one of the strongest and healthiest sub-market in West San Gabriel Valley area. This property is located within the prestigious Arcadia Unified School District, and it does not have any local rent control (allows highest rent increases per California AB1482 – 10% maximum). It offers a superb demographics of ±$121,527 average household income within a mile radius!
THE 833 is situated on a large 16,481 square feet lot and was built in 1960. It is a garden style two-story apartment with center courtyard (seller recently filled in the swimming pool). The property offers excellent unit mix with one (1) large x 3bedroom+3bathroom, one (1) x 2bedroom+2bathroom, one (1) x 2bedroom+1bathroom, and nine (9) x 1bedroom+1bathroom. One unit has a private patio area (sundeck) above carport. There is a clear upside for ADU potential in the carport area (buyer to verify).
Each unit is sizable with functional layout. Some units have been upgraded with modern upgrades such as new luxury wood vinyl flooring, granite kitchen countertops, tiled bathroom, and shower door. The property is separately metered for electricity and gas, windows A/C, wall heater, and individual water heater. There are total of 15 parking spaces which are provided by 2 detached carports in the back (12 carport spaces) and 3 open spaces parking in the front of the building (NO parking soft story retrofit is required). The property’s recent capital improvements are dual pane windows throughout in every unit and filled in swimming pool.
LOCATION AMENITIES AND ACCESS
It is located right across the street from 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 moms and pops 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 surrounded by multiple residential townhouses on its west and east sides.
It is strategically located within minutes away to several public schools (Holy Avenue Elementary, Camino Grove Elementary, Baldwin Stocker Elementary, etc.), Westfield Santa Anita Mall (a regional indoor shopping mall with national retailers such as Nordstrom, JC Penney, Macy’s, and Forever 21), L.A. County Arboretum and Botanic Garden, Arcadia Public Library, and all amenities the City of Arcadia has to offer.
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. 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.