CBRE, Inc., as exclusive advisor, is proud to present 14521 Clark Street, a 26-unit multifamily asset in the City of Baldwin Park, a prime rental market within the San Gabriel Valley of Los Angeles County. The property offers ±19,384 SF and sits on a large ±36,138 SF lot.
The Kimberly Apartments benefit from being centrally located just off the 605 & 10 Freeways. Within a short 20-mile drive tenants can reach destinations and notable attractions in Pasadena, DTLA, Orange County, and San Bernardino County. Notable Attractions like Dodger Stadium, SOFI Stadium, Santa Anita Pike Outlets in Long Beach, Victoria Gardens in Rancho Cucamonga, and Downtown Covina are all within a 30-min drive in any direction of the property. Locally, tenants have quick access to big name retailers like Kaiser Permanente Medical Hospital, Home Depot, Target, In-N-Out, Chick-Fil-A, and several convenience stores. Kimberly Apartments is also a short 5-minute walk to Downtown Baldwin Park off of Maine Ave and Ramona Blvd. Tenants enjoy their proximity to the heavy retail corridor with retail tenants that include McDonalds, King Taco, El Super, Waba Grill, and many more frequently visited places.
Kimberly Apartments boasts strong in-place income generating ±$49,659 in monthly rents. Additional income at the property stream from on-site parking, laundry facilities, pet income, and the Ratio Utility Billing System implemented already. The total scheduled income for the property exceeds $630,000 annually.
Kimberly Apartments offers an exceptional unit mix of 12, 1-Bedroom/1-Bathroom and 14, 2-Bedroom/1-Bathroom apartments. The units average 745 SF each and currently generate an average rent of $1,910. Similar units in the area have leased for an average of $2,215, which leaves about 15% remaining upside for a new investor to capitalize on an already renovated asset in great condition. Tenants enjoy favorable amenities at the property like secured pad entry access, covered on-site parking, on-site laundry facilities, secure pool access, and ample community area space.
The seller is offering favorable interest only financing, which creates a path for a new investor to benefit from 5+% cash-on-cash returns from day one.