The Growth Investment Group is proud to offer Huntington Place – 855-875 W Huntington Drive, a prominent 42-unit value-add apartment community located in the highly desirable City of Arcadia, CA. This offering presents an extremely rare opportunity for investors to acquire one of largest apartment community in the affluent City of Arcadia, CA. The property is being offered as one of the highest CAP Rate and lowest GRM in comparison to Arcadia multifamily sales comparable in the past 12 months!
The property is unique due to its size and its superb location just a block away from the highly popular Westfield Santa Anita Mall and Santa Anita Race Track, providing unparalleled access to some of the main attractions in the West San Gabriel Valley submarket. It is within walking distance to the Los Angeles County Arboretum (on Baldwin Ave.), and a myriad of restaurants, stores and other retailers along Baldwin Ave. The property is located within the prestigious and desirable Arcadia Unified School District and enjoys superb demographics of $110,749 average household incomes within a 3-mile radius. It is surrounded by newer townhomes on its east and west side, and single-family residential community on its north side.
The property is a two-story garden style apartment community with a beautiful center courtyard and ample parking in both the front and back. It was built in 1953 and has a total of ±34,972 square feet of building area on an oversized lot of ±55,503 square feet. The property consists of 3 different parcels and buildings. The first building (855 W Huntington) has 11-units; the 2nd building (865 W Huntington) has 20-units, and the remaining 11-units are in the 3rd building (875 W Huntington). The property offers a superior unit mix with one (1) 3 bedrooms + 2 bathrooms, nineteen (19) 2 bedrooms + 1 bathroom, and twenty-two (22) large 1 bedroom + 1 bathroom units. From 42-units, only 16-units have been partially upgraded. This offers a clear opportunity for investors to upgrade the original 26-units and fully upgrade the 16-units to realize the property’s full potential.
Each unit is separately metered for electricity and gas. The property has a fenced swimming pool, barbeque area, well-maintained landscaping, 3 shared laundry rooms (laundry leased), and carport
parking in the back. The property has a total of 66 parking spaces with 36 carports, 3 garage spaces, 2 unmarked spaces and 25 open parking spaces in front of the buildings.
Each unit is bright, spacious with plenty of natural light and an excellent layout. The 3-bedroom unit is a large ±1,250sqft unit, the 2-bedroom unit sizes are between ±900sqft to ±1,050sqft, and the 1-bedroom unit sizes are averaging around ±625sqft to ±750sqft. Each unit has original hardwood flooring (some units have carpet), individual water heater, smooth ceiling (several units have popcorn ceiling), double-pane windows throughout, plenty of storage cabinetry, windows a/c, ceiling fans, and refrigerator. Four 2-bedroom units have large private patios (±200-210sqft) with views; some units have working gas fireplaces and central heating units. The corner units (±14-units) have more windows and are slightly larger than the middle units. Investors could charge an extra premium for these units.
The property has undergone major capital improvements in the past several years. These include new exterior paints, completely redone landscaping, all the main building roofs have been replaced in the past 4 years; all windows have been upgraded to the new dual pane windows. Driveway asphalt resurface was completed. The swimming pool drainage system has been upgraded to the new standard. A new sprinkler system was installed 3-5 years ago, and landscaping was redone approximately 4-5 years ago. Many units have refinished original hardwood floors, upgraded plumbing, ceramic tiles in bath and kitchen, new Windows A/C, and new ceiling fans.