34-unit (2 x 17unit) Value-add in downtown TC 5931-5945 Cloverly Ave Immeuble residentiel 34 lots 9 355 848 € (275 172 €/Lot) Temple City, CA 91780

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).