Pride-of-ownership 12-unit Value-add in the heart of Arcadia, No Local Rent Control, Excellent unit mix, 2 ADUs Initial plan included, Arcadia School, Convenient location near Santa Anita Mall + Santa Anita Park, shopping + dining, groceries stores, medical offices, schools, library, etc.
INVESTMENT HIGHLIGHTS
- Superb location in a highly desirable city of Arcadia; located within Arcadia Unified School District, Near Santa Anita Mall, Santa Anita Park, medical offices, schools, library, retail stores, etc.
- NO LOCAL RENT CONTROL; Highest Allowable rent increases in California (AB1482)
- Excellent value add deal with low price per unit and Proforma CAP Rate close to 5%
- Superb Demographics with over $132,826 average HH income within 1-mile radius
- Superb amenities - Across the street from 2 major shopping centers (99 Ranch Market in President Square, and ARCADIA HUB with Vons, and LA fitness as the major tenants), walking distance to retail stores on Baldwin Ave
- High barriers to entry market with very limited inventory for apartment investment
- Surrounded by newer built townhouses and steps away from multiple new developments (townhomes, condominiums and multimillion dollars single family residential)
PROPERTY HIGHLIGHTS
- In the heart of City of Arcadia nearby major employers in the area, Walk Score 80, Very Desirable and convenient location.
- Well maintained garden style apartment with center courtyard (filled in swimming pool)
- Many recent capital improvements: new exterior painting, new entrance gate and parking gate, several units have been fully upgraded
- Large lot size with ample parking; Recently filled in pool converted into a central courtyard.
- Attractive unit mix, each unit is separately metered for gas and electricity, individual water heater, double pane windows throughout, Windows A/C, laundry facility.
- Some units (±4 units – buyer to verify) have been fully upgraded with modern upgrades
- 2 ADUs upside in the back (drawing included - buyer to verify), NO parking soft story retrofit is required
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 833 W Duarte Rd, a Pride-of-ownership 12-unit value-add apartment in the heart of the City of Arcadia, California. There is no local rent control in Arcadia, thus providing maximum upside potential (under California AB1482 – up to 10% maximum annual rent increase). This property is located within the prestigious Arcadia Unified School District. It offers excellent demographics of ±$132,826 average household income within a mile radius! The sale includes initial drawing for 2 additional ADUs to be built above the carport area (not approved – buyer to continue the permitting process).
The property is a well maintained 2 story garden style apartments with a center courtyard. The courtyard area used to be a swimming pool that had been filled up with permits. The property has a total of situated on a large 16,481 square feet lot and was built in 1960. It is a garden style two-story apartment with a center courtyard (there was a swimming pool that was filled in - with permits). The property offers excellent unit mix with one (1) large x 3bedroom+3bathroom, one (1) x 2bedroom+2bathroom, one (1) x 2bedroom+1bathroom, and nine (9) x 1bedroom+1bathroom. One unit has a private patio area (sundeck) above carport. The 2 ADUs plan are to build above the carport – by the sundeck area.
Each unit is sizable with a functional layout. Several units have been fully upgraded with modern upgrades such as new luxury wood vinyl flooring, granite kitchen countertops, tiled bathroom, and shower door.
The property is separately metered for electricity and gas, windows A/C, wall heater, and individual water heater. There are a total of 15 parking spaces which are provided by 2 detached carports in the back (12 carport spaces) and 3 open spaces parking in the front of the building. Arcadia does not have any parking soft story retrofit is requirement.
The property has undergone many recent capital improvements which include new exterior painting, new parking gate, new entrance gate, dual pane windows throughout, complete upgrades of several units, and filled in swimming pool.
LOCATION AMENITIES AND ACCESS
It is located right across the street from two (2) major shopping centers in the area; ARCADIA HUB Shopping Center, a ±256,000sqft power center anchored by national retailers such as Vons, LA Fitness, Starbucks, Panda Express, many local restaurants, Subway and moms and pops retail stores; and PRESIDENT SQUARE Shopping Center, a community shopping center anchored by 99 Ranch Market (an popular supermarket chain in San Gabriel Valley) and multiple restaurants. It is surrounded by multiple residential townhouses on its west and east sides.
It is strategically located within minutes away to several public schools (Holy Avenue Elementary, Camino Grove Elementary, Baldwin Stocker Elementary, etc.), Westfield Santa Anita Mall (a regional indoor shopping mall with national retailers such as Nordstrom, JC Penney, Macy’s, and Forever 21), L.A. County Arboretum and Botanic Garden, Arcadia Public Library, and all amenities the City of Arcadia has to offer.
It is minutes away from Santa Anita Park, a thoroughbred horse racetrack that offers some of the prominent racing events in the U.S. during winter and spring. Methodist Hospital is minutes away on Huntington Drive. The property also offers excellent access to three major freeways in the area (FWY 10, FWY 210, and FWY 605) providing superb access to other parts of Greater Los Angeles area.