10-u Temple City, Built in 1978, Large Lot, Garage Parking for ADUs

Highlights:

• • Prime Location in the Temple City, Long-time owner since 2011
• • Priced Attractively at Low Price/unit with Proforma CAP Rate of 6.36% and Proforma GRM of 11.09
• • Located in a high barrier to entry and “no inventory” area for multifamily 5+ units and above
• • Strong demographics with ±$130,661 average household income within a 1-mile radius!
• • Area of HIGH Homeownership rate (±57%!)
• • No on-site manager is required, easy to rent and self-manage
• • Surrounded by many multi-million dollars SFR properties
• • Newer construction built in 1978
• • Very well-maintained garden style 2-story apartment with excellent curb appeal
• • Large building size of 8274SF with average unit size of 828SF/unit (buyer to verify)
• • Corner lot, large High-Density zone (C3) lot, ample parking
• • 15 garage parking ready to be converted into ADUs (buyer to verify)
• • Minutes to Downtown Temple City on Las Tunas Dr
• • Good unit mix with 3 x 2bed and 7 x 1bed units
• • Easy to maintain and operate with low vacancies due to its location, and strong demand
• • Excellent curb appeal in a quiet residential neighborhood surrounded by single family houses
• • ALL Tenants are on month-to-month agreement and due for next rent increases in the next several months.
• • Each unit is separately metered for electricity and gas, Laundry machines are seller own
• • Roof is in excellent condition, Plumbing has been upgraded to PEX pipe (buyer to verify)

Description:

Prime 10-unit Value-add in Temple City, First Time for Sale Since 2011, Newer Construction built in 1978, Clear Upside with 6.34% Proforma CAP Rate, Large C3 Zoned Lot, Garage parking prime for ADUs Conversions, Excellent Roof Condition + Plumbing upgraded.

Growth Investment Group California is proud to offer 5305 Tyler Ave, a very well maintained 2-story garden style apartment in the highly desirable area of Temple City, CA (unincorporated area). This newer built property (completed in 1978) has been in the same ownership since 2011. Temple City apartment market has always been known as a “high-barrier-to-entry” and “no inventory” market as there are very limited numbers of multifamily community offered for sale. The current rental income is low with an estimated ±32% below market! The properties are offered at a very attractive price per unit and offer a whopping 6.45% Proforma CAP Rate and 11.09x Proforma GRM, making this an attractive investment for a savvy buyer.

The property has a large building size of 8,274SF and sits on a large 17,922SF corner lot. The lot has a high-density zoning (C3 – buyer to verify), offering future redevelopment possibilities and/or clear ADUs upside. The community is very well maintained with excellent curb appeal.

It has three (3) large 2bed+1bath, and seven (7) spacious 1bed+1bath units. All the tenants are long-time tenants that are on month-to-month and most of them are due for rent increases in the next several months (buyer to verify). One 1bed unit (no. 9) is currently vacant and can be delivered vacant at close of escrow. All the occupied units are rented below market rents providing significant upside.

Each unit is bright and spacious. Some unit have been partially updated with wood/vinyl flooring. Each unit has either tiled or laminate kitchen countertop, through-the-wall A/C, wall heating, gas stove, dishwasher, and ceiling fans in living room and each bedroom. Each unit is separately metered for electricity and gas. The building is serviced by a master water heater and shared laundry room (seller’s own machines). The roof is in excellent condition (buyer to verify). Parking is provided by a total of 16 spaces (15 garages + 1 open). Buyer can convert some of the garages into several ADUs (buyer to verify).

LOCATION AMENITIES AND ACCESS
The property is in the heart of west San Gabriel Valley, with just minutes away from Downtown Temple City on Las Tunas Drive and several major community shopping centers with local and national retailers. It is in a mature residential neighborhood and surrounded by high-priced single family houses.
The area has excellent demographics of ±$130,661 average household income within a 1-mile radius! The property has superb access to FWY 10, FWY 605, FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Pasadena, Burbank and Glendale.

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