5931-5945 Cloverly Ave - Apartments FOR SALE


Temple City, CA 91780
$10,200,000 USD
626-594-4900
5931-5945 Cloverly Ave, Temple City, CA for Sale
$10,200,000 USD
Apartments - FOR SALE
1/25
null | Request Cap Rate

5931-5945 Cloverly Ave
Temple City, CA 91780


HIGHLIGHTS

  • First Time for Sale for ±33 years!
  • Super prime Location in the Downtown Temple City and within Temple City School District
  • Priced Attractively at Low Price/unit with Proforma CAP Rate of 7.35% and Proforma GRM of 10.24
  • Class A Location in one the most desirable and strongest rental market in West San Gabriel Valley
  • NO Local Rent control location – an estimated ±74% rental upside! Maximum allowed rent increases under CA AB1482
  • Located in a high barrier to entry and “no inventory” area for multifamily 5+ units and above

OVERVIEW

Growth Investment Group California is proud to offer CLOVERLY APTS - a 34-unit (two x 17-unt) prime value-add apartment investment opportunity located in the highly desirable city of Temple City and within the Temple City School District. Temple City apartment market has always been known as a “high-barrier-to-entry” and “no inventory” market as there is always very limited numbers of multifamily community offered for sale. The properties are located within Temple City Downtown area and minutes away from Temple City’s elementary, middle and high schools. This is the first time these properties are being offered for sale for more than 33 years! There is no local rent control in Temple City, thus providing maximum allowable rent increase (5% + CPI – maximum 10%). The current income is low with an estimated ±74% below market! The properties are offered at a very attractive price per unit and offer a whopping 7.35% Proforma CAP Rate and 10.24x Proforma GRM, making this a very attractive investment for a savvy buyer. Cloverly Garden Apartment consists of two side-by-side 17-unit garden style apartment community with a total of 26,800 sf living space (13,400sf + 13,400sf) and situated on a large 37,798 sqft lot (18,926sf + 18,872sf) R4 (high density) zone. It has an excellent curb-appeal and neatly manicured landscaping. It consists of 2 parcels (5931 Cloverly and 5945 Cloverly). Each building is a garden style apartment with a center courtyard and fenced swimming pool with parking in the back. Each building has its own fenced pool, laundry room, and parking area. There is a wide center driveway that is shared by both buildings. Roof for both buildings were replaced in 2020. The property has excellent unit mix with twenty-two (22) x 2bed+1bath, six (6) x 1bed+1bath, and six (6) x Studio. Because of the building size, the 2-bedroom units averaging about ±900SF - ±1000SF, 1-bedroom units averaging about ±700SF, and Studio units are averaging about ±500SF (Buyer to verify!). Most of the tenants are on month-to-month agreements which provide clear value-add opportunities for rent increases (buyer to verify!). Each unit has windows A/C and wall heater, some units have wood flooring, and each unit is individually metered for electricity and gas. Parking is provided by a total of 34 carport spaces. Each building has its own laundry room (seller own machines).

FOR SALE DETAILS

PRICE

$10,200,000 USD

PRICE/SF

$381 USD /SF

# OF UNITS

34

PRICE/UNIT

$300,000

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

34-unit (2 x 17unit) Value-add in downtown TC

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1960

PARKING SPACES

34

LAND DETAILS

LAND ACRES

0.87 AC

LAND SF

37,798 SF

ZONING

R4, Temple City

APN/PARCEL ID

8587-008-010,8587-008-011

ASK ABOUT THIS PROPERTY

Han Widjaja-ChenGrowth Investment Group CaliforniaMore Info
626-594-4900

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Han Widjaja-ChenGrowth Investment Group CaliforniaMore Info
626-594-4900

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.