Description

11-unit south facing Value-Add apartment in the highly desirable City of San Gabriel (NO LOCAL RENT CONTROL - Core San Gabriel). This immaculate and well-maintained property is located right off Del Mar Blvd and within walking distance to San Gabriel Country Club and just several blocks north of Valley Blvd retail corridor. The property is not under any local rent control which allows maximum rent increases under statewide AB1482 ordinance. The property is within the desirable San Gabriel School District. It is being offered with a very attractive Assumable Loan at rock bottom interest rates of 4.05% which is fixed until June/July 2029, and due in 2052 (buyer to verify). The existing CAP Rate is also attractive with significant upside potential! The property was built in 1971, has a total of ±13,209sqft building size (average unit size is ±1200SF-buyer to verify), and situated on a large ±19,015sqft lot with an excellent curb-appeal and neatly manicured landscaping. It has excellent curb appeal and is complete with central A/C and heating for each unit and tuck-under parking. In addition to rental upside, the large lot allows up-to 2 ADUs to be added in the back parking area (buyer to verify). The property has a brand-new roof that was installed in 2024. It offers an excellent unit mix of one (1) large 3bedroom+2bathroom townhouse unit, nine (9) large 2bedroom+2bathroom, and one (1) large 2bedroom+1bathroom units. Each unit is large unit with an average size of over 1,000SF, and individually metered for electricity (no gas). The 3-bedroom unit is a townhouse style with 2 bedrooms upstairs, a private patio, and direct access to the parking area. The remaining 2-bedroom units are large units with an excellent layout with some units have private patio/balcony. Two units have been fully upgraded (with in-unit laundry installed), and four units have been partially upgraded with new flooring. This leaves significant value-add potential on the remaining 5 units; or the new owner can take the upgrades to the next level by completely upgrading each unit to its maximum potential. There are 22 parking spaces that consist of 13 tuck-under parking spaces and 9 open spaces in the back. The building is served by a master water heater. Each unit is separately metered for electricity (all electric unit), and there is a shared laundry room. The site should be able to support 2 additional ADUs (Accessory Dwelling Units) in the open space parking area.