Description

VILLA LAS GOLONDRINAS apartment, a charming and unique 50-unit prime Value-add apartment opportunity in the desirable City of San Gabriel (core San Gabriel and not Unincorporated area). This immaculate and well-maintained property is located right off Del Mar Blvd and within walking distance to Valley Blvd retail corridor. The property is not under any local rent control and allows maximum rent increases under statewide AB1482 ordinance. With excellent convenience near Valley Blvd, it is within the desirable San Gabriel School District. The property was built in 1973 by the seller’s partnership, has a total of ±47,192sqft building size (average unit size is ±943SF-buyer to verify), and situated on a large ±63,075sqft lot with an excellent curb-appeal and neatly manicured landscaping. The property has a unique Spanish style architecture with arched beams and Spanish tile planters. It enjoys very low vacancy history and currently fully occupied with ±94% are month-to-month tenants. In addition to rental upside, the large lot and overparked situation provides prime opportunity for ADUs (buyer to verify). The property offers excellent unit mix of twenty-two (22) large 2bedroom+1bathroom unit, and twenty-eight (28) large 1bedroom+1bathroom units. Most of the units have private balcony or patio; 2 units have large private backyard. The units are large and bright with excellent layout. Some units have had some upgrades (number unknown) with updated kitchen and newer floorings. Broker estimated that the average size for 2bedroom units are between ±1,000SF to ±1,100SF, and average size of 1bedroom units are between ±750SF to ±850SF (buyer to verify). The community offers many amenities to tenants such as lush central courtyards with seating area, elevator, 3 ADA ramps to parking area, secured entrance and gated parking, storage cabinets in the carport area, a small dog park area, and much more! The property is serviced by 2 large water heaters, and shared laundry room (seller own machines). Each unit is separately metered for electricity (master metered for gas).