Nestled on a tranquil street and conveniently close to numerous development projects and amenities, the offering represents an opportunity to own an ideal 5-unit apartment building in a terrific San Gabriel location with potential to increase rents by nearly 20%. This will be achieved quicker than in other surrounding markets due to the city's non-rent controlled status (subject only to AB1482). Adjacent to property lies the proposed Rubio Village, a new development featuring 225 residential units and 13,500 square feet of retail space. Constructed in 1977, the subject property consists of , two-story, two-bedroom townhome-style units, complemented by a large single-story front unit with a fireplace and in-unit washer-dryer, ideal for an owner-user. This property exudes pride of ownership and features new electrical panels and brand-new windows. All units are equipped with central HVAC and private balconies. Select units feature modernized kitchens boasting stone countertops, tile flooring, stainless steel appliances, new hardware, recess lighting, and recently renovated bathrooms with updated vanities and designer fixtures. Additionally, most units offer wood-style laminate flooring in the living room, and tile flooring in the kitchen and dining area, and carpet in the bedrooms upstairs. There are two parking spaces allocated for each unit. Soft story retrofit is not required. In addition, the asset is outfitted with surveillance cameras and a gated entrance to enhance security. Currently, three out of the five units are being rented near market value. There is approximately a 20% potential increase in rental income, providing investors with an opportunity to fully stabilize an asset situated in a highly sought-after location with minimal available inventory. The absence of local rent control laws in San Gabriel simplifies the process for owners to stabilize this asset, with rental increases capped at 5% plus the Consumer Price Index (CPI) annual adjustments.
Property Type :
Residential Income
County :
Los Angeles
Style :
Residential Income
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ByOwner last updated this listing 06/04/2024 @ 07:16
MLS: 24388553
LISTED BY: Mark Ventre, Kidder Mathews of California, Inc.
SOURCE: CRMLS
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.
