8-unit Turnkey Fully Upgraded in Arcadia, HIGH CAP Rate, Arcadia School, Superb Location

219 California Street, Arcadia, CA

   SOLD!   

$4,200,000

Price

3.81%

Cap Rate

4.37%

Pro Forma Cap Rate

Gallery
Street
Map
Overview
Cap Rate
3.81%
Pro Forma Cap Rate
4.37%
Cash-on-Cash
4.19%
NOI
$159,924
Building Size
8,557 sqft
Lot Area
11,267 sqft
GRM
17.5
Class
A
Units
8
Price Per Sqft
$491
Average Room Size
1,069 sqft
Zoning
R3
Price Per Unit
$525,000
Year Built
1958
Floors
2
Parking Spots
9
Year Last Renovated
2018
Construction Status
completed
Parking Ratio
1
Roof
new pitch roof
HVAC
new 8 central HVACT units
Investment Strategy
Core
Description

The Growth Investment Group is proud to offer 219 California Street, an 8-unit turn-key, fully upgraded apartment in the City of Arcadia, California. The property is located within the award-winning Arcadia School District. This offering presents a rare opportunity for investors to acquire a ready to operate and cash-flow property in a superb location; the property is surrounded by condominiums on all sides. The area has a superb demographics with average household income of $102,980 within a mile radius!

The property is a large 8,577 square foot building and situated on a large 11,267 square feet lot. It offers excellent unit mix with ALL three bedroom and two bath units. Built in 1959, the property has been thoroughly upgraded in the past 24 months. The major systems have been completely upgraded, such as new copper plumbing, tankless water heater, new central A/C and heat in each unit, washer/dryer in each unit, new kitchen cabinet/countertops, new flooring and new bathroom, new double pane windows throughout, and so much more.

The property is separately metered for electricity and gas. Each unit is large with an estimated size of 1,072 square foot (buyer to verify) and has undergone top-down renovation with new central A/C and heat, tankless water heater, new luxury wood flooring, double pane windows and sliding doors throughout, new quartz kitchen countertops and new kitchen cabinets, in-unit washer and dryer, new bathtub complete with tiled bathroom with luxury tile backsplash, new sliding barn doors pantry, and so much more.

There are 9 parking spaces which are provided by a detached carport in the back and an open space in front. The property does not require any soft story retrofit. It has an extra laundry room that can be converted into extra storage area to generate additional income.

LOCATION AMENITIES AND ACCESS
The property is centrally located at 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 where 4 of the schools were in the top 25 of 2013 L.A. County Highest API Scores.

It is located within walking distance to downtown Arcadia on Huntington Drive, First Ave Middle School, Bonita Park, and Santa Anita Golf Course. It is within minutes away from Santa Anita Mall, Arcadia High School, Methodist Hospital, FWY 210 and many amenities City of Arcadia has to offer. It is surrounded by multiple residential townhouses on its west and east sides. 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.

Highlights
  • Turn-key and fully upgraded apartment properties in Class A location (Arcadia School District, walk score 77, walking distance to Downtown Arcadia)
  • Highest CAP Rate for an apartment deal in Arcadia, CA
  • Top-down renovation have been completed in the past 24 months!
  • Strong demographics with ±$102,980 average household income within a 1-mile radius; Surrounded by condominiums and townhomes on all sides!
  • Walk to Downtown Arcadia, First Ave Middle School, Santa Anita Golf Course, Bonita Park, etc.
  • Nearby Santa Anita Mall, Santa Anita Park, Methodist Hospital, FWY 210, schools, library, retail stores, etc.
  • ALL 3 Bedroom 2 Bath units
  • Large building – large units with an estimated size of 1,072 square foot per unit
  • Ample parking with ZERO soft story required
  • New Copper plumbing
  • New Central A/C & heating
  • New In-unit Washer/Dryer
  • Almost new everything
Documents
Location
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