Description

LIVE OAK ARCADIA, a 13-unit Luxury Mid-Century modern garden style apartment in the highly desirable City of Arcadia, CA. Offered at one of the highest CAP Rate for Arcadia submarket apartments, this offering provides an extremely rare opportunity for investors to acquire a beautifully upgraded apartment community in one of most desirable sub-market throughout San Gabriel Valley. This offering comes with an approved plan for Two (2) additional dwelling units (ADUs); each ADU is around ±725 sf which will add additional ±1,450sf to the building size. There is NO LOCAL rent control in Arcadia which allows maximum rent increase of 5% + CPI per AB1482 (maximum 10% rent increase). This property is located within the prestigious Arcadia School District. LIVE OAK ARCADIA is an attractive two-story garden style gated community that was built in 1960 and renovated in 2022. It is situated on a LARGE lot of ±17,977 SF and offers excellent curb appeal with manicured landscaping, complete with large front yard and back yard with seating area. The property has undergone a massive renovation in 2022 which includes: all units upgraded, updated rough mechanical + electrical + and plumbing system (main line is not updated), new drought-tolerant landscaping, new secured entrance and new parking gate, new property façade and signage, new exterior painting, new HVAC and exhaust systems, roof was not upgraded (in good condition) and much more. It has excellent curb appeal with mature trees in the front and a secured entrance. Walking into the courtyard area, tenants will enjoy a beautifully landscaped community garden with park settings complete with separate area for outdoor seating. The property offers an excellent unit mix of four (4) x 2bedroom+1bathroom and nine (9) x 1bedroom+1bathroom. Each unit is spacious with good floor plan. Each unit has been completely upgraded from top to bottom with attention to detail. Each unit has new flooring throughout, new kitchen with shakers cabinets (complete with kitchen island for the 2B units, and breakfast counter for the 1B units), Carrera quartz countertops and stainless-steel kitchen appliances including dishwasher and SS kitchen vent hood, new tiled bathroom with new vanities, smooth ceiling throughout, in-unit washer/dryer, new modern lighting fixtures throughout and new mini-split efficient a/c heating unit in living room and each bedroom. Each unit is separately metered for electricity and gas.