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$2,280,000
Est. payment /mo
8,010 Sqft Lot
UPDATED:
12/19/2024 05:48 AM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID WS24249825
HOA Y/N No
Year Built 1940
Lot Size 8,010 Sqft
Property Description
Presenting a rare opportunity to acquire a 6-unit multifamily property, ideally situated in the heart of Arcadia. This well-maintained asset comprises of all 1-bedroom units. These units offer approximately 3,660 square feet of rentable space on a generous 8,008 square foot lot. The property features a laundry facility, assigned garage parking spaces, and each unit is separately metered for gas and electricity.
This property presents a unique value-add opportunity with substantial rental upside. Arcadia is not subject to local rent control, allowing for maximum allowable rent increases under California's AB1482 legislation. Additionally, there is potential to enhance rental income further through the addition of an accessory dwelling unit (ADU), subject to buyer.
The property's prime location is a significant draw, being close proximity to The Shops at Santa Anita mall, supermarkets, golf course, restaurants, 210 freeway access, and the Monrovia Metrolink Station. The area boasts exceptional demographics, with an average household income exceeding $120,000 and a median home value approximately $1 million within a 1-mile radius.
This sought-after location provides investors with the prospect of acquiring a lucrative multifamily asset poised to generate substantial cash flow while offering a hedge against inflation in the thriving city of Arcadia.
This property presents a unique value-add opportunity with substantial rental upside. Arcadia is not subject to local rent control, allowing for maximum allowable rent increases under California's AB1482 legislation. Additionally, there is potential to enhance rental income further through the addition of an accessory dwelling unit (ADU), subject to buyer.
The property's prime location is a significant draw, being close proximity to The Shops at Santa Anita mall, supermarkets, golf course, restaurants, 210 freeway access, and the Monrovia Metrolink Station. The area boasts exceptional demographics, with an average household income exceeding $120,000 and a median home value approximately $1 million within a 1-mile radius.
This sought-after location provides investors with the prospect of acquiring a lucrative multifamily asset poised to generate substantial cash flow while offering a hedge against inflation in the thriving city of Arcadia.
Location
State CA
County Los Angeles
Area 605 - Arcadia
Zoning ARR3HY
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Golf, Park
Total Parking Spaces 6
Private Pool No
Building
Lot Description Front Yard
Story 2
Entry Level One,Two
Sewer Public Sewer
Water Public
Level or Stories One, Two
New Construction No
Others
Senior Community No
Tax ID 5773019020
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Special Listing Condition Standard
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Listed by Jo Lin • IRN REALTY • 6262630132