LIVE OAK ARCADIA

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Address: 521-523 E Live Oak Ave, Arcadia, California, US
Created date: November 3, 2023
Date last updated: April 3, 2024
  • Excellent location in Arcadia nearby Arcadia Golf Course and minutes to Santa Anita Mall; Located within the Arcadia School District
  • HIGH CAP Rate with over 5.30% Proforma CAP Rate
  • Approved Plan for 2 ADU units comes with the sale (each ADU sized approximately ±725 sf)
  • Long-term hold property in an excellent area with very HIGH home-ownership rates (less chance of local rent control being implemented)
  • Major capital upgrades completed recently: new fence and parking gate, new landscaping, new façade and signage, new exterior paint, all units have been upgraded
  • Excellent demographics with ±$113,511 average household income in a one mile radius
  • Excellent access to FWY 210, FWY 605, and FWY 10
  • Nearby many new PUD developments (LENNAR, KB HOME, etc.) and newer custom homes development

Property Description

Growth Investment Group California is proud to offer LIVE OAK ARCADIA, a 13-unit Luxury Mid-Century modern garden style apartment in the highly desirable City of Arcadia, CA. Sale comes with an approved plan for Two (2) additional dwelling units (ADUs); each ADU is around ±725 sf which will add additional ±1,450sf to the building size. There is NO LOCAL rent control in Arcadia which allows maximum rent increase of 5% + CPI per AB1482 (maximum 10% rent increase). This property is located within the prestigious Arcadia School District. Offered at much higher CAP Rate compared to other competing multifamily in Arcadia, this offering provides an excellent opportunity to buy a stabilized asset with high going-in cap rate and even higher proforma CAP Rate once the 2 ADUs were built. 521-523 LIVE OAK is an attractive two-story garden style gated community that was built in 1960 and renovated in 2022-2023. It is situated on a LARGE lot of ±17,977 SF and offers excellent curb appeal with manicured landscaping, complete with large front yard and back yard with seating area. The property has undergone a massive renovation in 2022 which includes: all units upgraded, updated rough mechanical + electrical + and plumbing system (main line is not updated), new drought-tolerant landscaping, new secured entrance and new parking gate, new property façade and signage, new exterior painting, new HVAC and exhaust systems, roof was not upgraded (in good condition) and much more. It has excellent curb appeal with mature trees in the front and a secured entrance. Walking into the courtyard area, tenants will enjoy a beautifully landscaped community garden with park settings complete with separate area for outdoor seating. The property offers an excellent unit mix of four (4) x 2bedroom+1bathroom and nine (9) x 1bedroom+1bathroom. Each unit is spacious with an excellent floor plan, and each has been completely upgraded from top to bottom with attention to detail. Each unit has new flooring throughout, new kitchen with shakers cabinets (complete with kitchen island for the 2B units, and breakfast counter for the 1B units), Carrera quartz countertops and stainless-steel kitchen appliances including dishwasher and SS kitchen vent hood, new tiled bathroom with new vanities, smooth ceiling throughout, in-unit washer/dryer, new modern lighting fixtures throughout and new mini-split efficient a/c heating unit in living room and each bedroom. Each unit is separately metered for electricity and gas. Parking is provided via 16 carport spaces + 1 open parking. There are 15 private storage rooms that could bring additional income. Each unit is separately metered for electricity and gas. The property has a shared laundry room (laundry lease). The number of carport spaces will be reduced once buyer starts the ADU constructions. Additional parking spaces can be added by striping the open spaces on the side.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments | Garden Style
Price: $6,300,000
No. of Units: 13
Cap Rate: 4.40%
GRM /GIM: 16.18
Year Built: 1960
Building Size: 8,640 Sq ft
Lot Size: 17,977.00 Sq ft
No. of Stories: 2
Opportunity Zone: No
Price per unit: $484,615
Address: 521-523 E Live Oak Ave, Arcadia, California, US

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