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Key Details
Sold Price $16,450,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID AR22113525
Sold Date 10/04/22
Bedrooms 3
HOA Y/N No
Lot Size 1.446 Acres
Property 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 sellers 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
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 sellers 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).
Location
State CA
County Los Angeles
Area San Gabriel (91776)
Zoning Assessor
Interior
Cooling Wall/Window
Building
Story 3
Level or Stories 3 Story
Others
Acceptable Financing Cash
Listing Terms Cash
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Kobe Zimmerman
Berkshire Hathaway Home Services California Properties
kobezimmerman@bhhscalifornia.com +1(858) 753-3353Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Handoko Chen • GIG Real Estate Inc.