20-unit Value-add ARCADIA, No Local Rent Control, 6% Proforma CAP
1132 West Duarte Road, Arcadia, CA
$9,000,000
Price
4.22%
Cap Rate
6%
Pro Forma Cap Rate
Overview
Description
Growth Investment Group California is proud to exclusively present 1132 W Duarte Rd., a Pride-of-Ownership Value-add investment opportunity in the highly sought-after city of Arcadia, California. Offered at a high CAP Rate and 6% Proforma CAP Rate, this property is being offered for sale for the first time since 1986, making it an extraordinary find for astute investors seeking a safe haven in this inflationary market to park their investment capital with long-term appreciation potential in a mature and one of the most desirable locations in San Gabriel Valley. The property is a garden style pride-of-ownership 2-story property with an excellent unit mix of mostly oversized 3bedrooms units and several large 1bedroom units. It is in the heart of the City of Arcadia, and does not have any local rent control, providing maximum flexibility and rent increases capabilities (under California AB1482).
It is located within the highly desirable Temple City School District and surrounded by many newer townhouses and condominiums and offers an excellent demographics of ±$123,449 average household income within a mile radius! Tenants enjoy its proximity to Santa Anita Mall and Santa Anita Park and its walking distance to school, shopping, groceries, and other amenities both Arcadia and Temple City have to offer.
The property has a total of 19,432 SF building size which translates to ±971sf average unit size, is situated on a large 30,379 square feet lot (R3 zoned) and was built in 1962. It has been very well maintained without any known deferred maintenance; it has a brand-new roof (replaced in 2021), well-manicured landscaping, fenced swimming pool, and security cameras system. It offers an excellent unit mix of ten (10) x 3bedroom+2bathroom, two (2) x 3bedroom+1bathroom, and eight (8) x large 1bedroom+1bathroom units. Each unit is large and bright with central heating, windows A/C, and ceiling fans. Some units have upgraded kitchen and upgraded bathroom. Four units have private patio, and two units have small private backyard.
The property is separately metered for electricity and gas, has a master water heater, and shared laundry room (leased). There is a total of 30 parking spaces which are provided by 10 open spaces + 13 detached carport spaces + 7 tuck-under parking. There is an additional parking space that has been converted into the owner’s storage room and a 2nd storage room near the laundry area. The large lot provides clear opportunity for future development, condo conversions or for Additional Dwelling Units (ADU).
The property is located on Duarte Rd crossing Temple City Blvd, and just within walking distance to Temple City High School, and 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, and multiple restaurants. It is surrounded by many newer residential townhouses and nearby many new residential developments.
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.
Highlights
- FIRST TIME OFFERED FOR SALE SINCE 1986 (38 years); 6% Proforma CAP in ARCADIA!
- NO LOCAL RENT CONTROL; Highest Allowable rent increases in California (AB1482)
- Superb location in a highly desirable city of Arcadia, Near Santa Anita Mall, Santa Anita Park, medical offices, schools, library, retail stores, etc.
- Large R3 lot (±0.7acre) providing future development potential, Additional Dwelling Units, or Condo conversion.
- Excellent Unit Mix with 60% are 3bedroom units.
- 4 units have private patio, and 2 units have small private backyard.
- Large building size ±19,432 SF – Estimated average unit size: ±971SF/unit (buyer to verify)
- NEW Roof (2021), well-manicured landscaping, ample parking, large lot, fenced swimming pool
- Most tenants are on month-to-month agreement, ±30% Estimated rental upside.
- Large ±30,379 SF lot size (R3) with ample parking, perfect for future development or condo conversion or ADUs
Documents
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Flyer-1132WDuarte-9m.pdf
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Offering Memorandum
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