13835 Christine Drive, Whittier, CA 90605

$2,350,000
List Price
$2,350,000
Status
ACTIVE UNDER CONTRACT
MLS#
SB23042559
Year Built
1963
Lot Size
6,827
Acres
0.16
Lot Location
Item01UnitAcre, Rectangular Lot, Yard
Days on Market
17
Property Type
Multifamily
Property Sub Type
Mixed Use
Stories
Two Levels

Property Description

We are pleased to exclusively offer for sale this 7 unit multi-family investment located in the City of Whittier. This large, 6,827 SF lot is strategically positioned in an extremely low inventory submarket where there are only (32) other 5+ unit apartment buildings within a 0.5mi radius, as opposed to (1,587) SFR’s. Further, only (2) of these apartment buildings have sold over the last (3) years, which helps explain why this is the first time this property has been offered for sale in over (40) years! The building itself features an excellent unit mix of (2) 3 Bed/2 Bath ~1,080 SF Units, (4) 2 Bed/1 Bath ~850 SF Units, and (1) 1 Bed/1 Bath ~750 SF Unit for a total rentable square footage of 6,306 SF. Each tenant has access to garage parking with (7) total garage parking spaces that each feature individual ~32 SF enclosed storage spaces therein. On top of this, each tenant has access to a coin operated laundry room that generates ~$125/m in additional income. From an income capitalization standpoint, the property is currently operating at a 4.67% CAP Rate and 13.91 GRM, which are undoubtedly healthy income figures for a stabilized asset in the submarket. That said, this offering presents a rare opportunity to capitalize on impressive day 1 income while simultaneously presenting a strong value add component with an achievable Rent Upside of 27%, ultimately imputing a Market CAP Rate of 6.50% at 10.97x Gross. Further, this favorably zoned, R4 lot is operating at – or close to - its highest and best use with a Floor Area Ratio of 92%; however, the Lot Coverage is so efficient that its tenants are offered attractive courtyard/outdoor living quarters lush with greenery and enough space to entertain guests. In addition, the property runs adjacent to The Quad at Whittier and Whittier Crossing, which serves its tenants with ample shopping, restaurant, and entertainment options just a short walk away. In final, this prime location is about a mile from Whittier College and offers tenants easy access to the economic and employment hubs of both Los Angeles and Orange County. For these reasons, the astute investor can confidently forecast continued population and median household income growth within the submarket, thus driving prolonged rent growth upon acquisition.

Additional Information

Appliances
Electric Cooktop, Electric Oven, Water Heater
Pool Description
None
View
Courtyard, Hills, Neighborhood
Exterior Construction
Brick, Drywall, Stucco
Garage Spaces Total
7
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Number Of Units Total
7
Gross Scheduled Income
$167,400
Operating Expense
50703

Listing courtesy of Listing Agent: Joshua Barut (joshbarutbroker@gmail.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..

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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.