Prime 6-unit Value-add near downtown Temple City, Class A Location, NO Local Rent Control, Temple City School District, Owner for 20 years, Large R4 Zone Lot (Clear ADUs Upside), Electrical panels upgraded.
INVESTMENT HIGHLIGHTS
- Super prime Location near Downtown Temple City and within Temple City School District
- Long time owner for 20 years!
- Priced Attractively at Reasonable Price/unit with Proforma CAP Rate of 5.62% and Proforma GRM of 13x
- Class A Location in one the most desirable and strongest rental market in West San Gabriel Valley
- NO Local Rent control location – an estimated ±33% rental upside! Maximum allowed rent increases under CA AB1482
- Located in a high barrier to entry and “no inventory” area for multifamily 5+ units and above
- Strong demographics with ±$147,891 average household income within a 1-mile radius!
- Area of HIGH Homeownership rate (±57%!)
- Adjacent to many newer multi-million dollars SFR/new residential development
PROPERTY HIGHLIGHTS
- Walk to the immensely popular CAMELIA SQUARE Shopping Center, Temple City High School, Longden Elementary School, and Oak Ave Intermediate School
- Minutes to San Gabriel Country Club, Santa Anita Mall, City of San Marino
- Highly desirable layout with 4-unit single story and a duplex in the back, Easy to run and manage unit mix
- Very well-maintained apartment with many recent CAPEX (electrical panels & subpanels, mini-split HVAC, etc.)
- All tenants are on month-to-month and some may be due for rent increases (buyer to verify)
- Easy to maintain and operate with low vacancies due to its location, school district, and strong demand
- Excellent curb appeal in a quiet residential neighborhood adjacent to newer PUD properties
- Upgraded electrical panels and subpanels, individual water heater, each unit has newer mini split HVAC system, 3 units have washer dryer hookups, extra room for common area laundry (only hookups, no machines)
- Each unit is separately metered for electricity and gas
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 6036-6038 Temple City Blvd, a 6-unit prime value-add apartment investment opportunity located in the highly desirable city of Temple City and within the Temple City School District. Temple City apartment market has always been known as a “high-barrier-to-entry” and “no inventory” market as there is always very limited numbers of multifamily community offered for sale. The properties are located a block from Temple City Downtown area and walking distance/minutes away from Temple City’s High school, elementary, and middle schools. Long time owner for 20 years, the property has been meticulously maintained with many upgrades! It is located next to and across from several newer SFR/Townhomes/PUD development.
There is no local rent control in Temple City, thus providing maximum allowable rent increase (5% + CPI – maximum 10%). The current income is low with an estimated ±33% below market! The properties are offered at an attractive price per unit and offer a high 5.62% Proforma CAP Rate and 13x Proforma GRM, making this an attractive investment for a savvy buyer.
The property consists of two buildings, a front single-story 4-unit and a 2-story duplex in the back (garage underneath). It has a total of 3,552 sf living space and is situated on a large 9,113 sqft lot R4 (high density) zone. It has an excellent curb-appeal and neatly manicured landscaping. The property has good unit mix with one (1) x 2bed+1bath, four (4) x 1bed+1bath, and one (1) x Studio. The property has had some upgrades like upgraded electrical panels and subpanels, newer mini split HVAC system in each unit (in addition to windows AC), updated kitchen, 3 units have laundry hookups (tenant own laundry machines). Each unit has dishwasher, individual water heater and separately metered for electricity and gas (buyer to verify). Most of the tenants are on month-to-month agreements which provide clear value-add opportunities for rent increases (buyer to verify!).
Parking is provided by a total of 6 spaces in the back (4 garage and 2 open spaces). There is an extra room with laundry hookups that can be converted into laundry room to bring additional income.
LOCATION AMENITIES AND ACCESS
The property is a block from Downtown Temple City with just steps away from Las Tunas Drive and several major community shopping centers with local and national retailers. It is within Temple City Unified School District which is recognized as "A District of Distinguished Schools" as all the public schools have been awarded the Distinguished School Award by the California Department of Education, placing each awarded school in the top five percent of California's public schools in the given year.
Cloverly Elementary School (grades 4–6) was the first to receive the award, in 1995. The District's intermediate school, Oak Avenue Intermediate School (grades 7–8), and comprehensive high school, Temple City High School (grades 9–12), received the award in 1996. One year later, in 1997, both Emperor Elementary School (grades K–6) and La Rosa Elementary School (grades K–3) received the award, followed by Longden Elementary School (grades K–6) in 2004.
The area has excellent demographics of ±$147,891 average household income within a 1-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.