14149 Mulberry Dr
- Excellent Mix of One, Two, & Three-Bedroom Floor Plans
- Substantial Upside Potential Through Continuation of In-Place Renovation Plan
- Security Doors & Controlled Access
- Ample Surface & Carport Parking
- Spacious Courtyard With a Swimming Pool & On-Site Laundry
- Within Walking Distance of Mulberry Elementary School & California High School
- Close to the Quad at Whitter, Gateway Plaza, & Santa Fe Springs Shopping Centers
Property Description
Marcus & Millichap, as the exclusive listing agent, is pleased to present Mulberry Apartments, a 25-unit multifamily investment opportunity located in Whittier, CA.Built in 1950, 1956, and 1959, Mulberry Apartments offers a desirable mix of one, two, and three-bedroom units and amenities including a spacious courtyard, a swimming pool, controlled access, ample carport and surface parking, security doors, and an on-site laundry facility. Additionally, 4 of the units have been renovated and feature fresh paint, vinyl plank flooring, granite countertops, and ceiling fans, which has allowed current ownership to achieve a rental premium over non-renovated units. Furthermore, a new owner could potentially increase rental income through the continuation of the in-place renovation plan.
Whittier’s strong rental metrics, including a 2022 vacancy rate of just 3.4 percent and year-over-year rent growth of 12.6 percent, exemplify continued demand for rental housing in the area. With current rents below market rates, a new owner has the opportunity to capitalize on the City’s strong rental metrics.
Mulberry Apartments benefits from its fantastic Whittier location, surrounded by single-family residential neighborhoods and in close proximity to attractive area amenities. Residents enjoy the property’s walkable access to Mulberry Elementary School and California High School, as well as a Stater Bros. Market and CVS Pharmacy. Additionally, Mulberry Apartments is located a short drive from an abundance of major retail destinations along Whittier Boulevard.
Given the strong market dynamics and the property’s upside potential, Mulberry Apartments is well suited to provide a new investor with strong returns and value appreciation.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Multifamily type: | Garden Style |
| Price: | $6,575,000 |
| No. of Units: | 25 |
| Cap Rate: | 5.22% |
| GRM /GIM: | 12.43 |
| Year Built: | 1959 |
| Building Size: | 19,448 Sq ft |
| Lot Size: | 0.96 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $263,000 |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|
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