5626 Sultana Ave, Temple City CA

23-UNITS SEMI VALUE ADD IN TEMPLE CITY, EXCELLENT ASSUMABLE LOAN

Property Details

Address
5626-30 Sultana Ave Temple City CA
Price
$9,000,000
# of Units
23
Status
Under Contract
Building Size
20,984
Price/Unit
$391,000
CAP Rate
3.53%
Year Built
1957
GRM
17.62
Type
Apartment
Lot Size
33,185
Price/SF
$429

Property Information

INVESTMENT HIGHLIGHTS

  • Excellent Location in the heart of Temple City and within walking distance to Temple City Downtown on Las Tunas Drive and multiple major shopping centers
  • Within Temple City School District which is recognized as “A District of Distinguished Schools”
  • Assumable Loan at 4.28% interest rate fixed until March 2023 (30-year term starting from March 2018), Interest Only until January 2021
  • Proforma CAP Rate of 4.37% and Proforma GRM of 15.27!
  • Located in a “no inventory” area for multifamily 5+ units and above (only 1 multifamily sold in Temple City since October 2017)
  • Strong demographics with ±$96,750 average household income within a 2-mile radius!
  • Class A Location in one the most desirable and strongest rental market in West San Gabriel Valley
  • Excellent access to FWY 10, and 210; Close to many public transportations on Las Tunas Dr and Rosemead Blvd.

 

PROPERTY HIGHLIGHTS

  • Excellent unit mix with good distribution of 3, 2 and 1-bedroom units
  • Large units ranging from ±620sqft to ±1263sqft with good layout and open floor plan
  • 12 units have large semi-private garden patio/balcony; One unit has central A/C; 14 units have individual water heater
  • Easy to maintain and operate with low vacancy history due to its location and school district
  • Excellent curb appeal in a quiet residential neighborhood
  • Partially upgraded multifamily community with rental upside
  • Many units with sliding door to garden area, upgraded, semi-private patio, sundeck, etc.
  • Ample parking with 25 spaces, Upgraded fenced swimming pool with new furniture
  • Separately metered for electricity and gas with recent capital improvements, shared laundry room, security cameras

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer Temple Gardens Apartments, a 23-unit apartment investment opportunity located in the highly desirable city of Temple City and within Temple City School District. Temple City apartment market has always been known as “no inventory” market as there is always very limited numbers of multifamily community offered for sale. The property is located within steps away to Temple City Downtown on Las Tunas Drive and multiple large community shopping centers (newly constructed Camelia Square, Elm Center, K-Mart, Super A Center, etc.). The property is minutes away from Temple City’s elementary, middle and high schools. Current loan is assumable with Interest Only payment until January 2021. The current proforma income shows a high Proforma CAP Rate of 4.37% and Proforma GRM of 15.27!

Temple Gardens is a 23-unit garden style apartment community with ±20,984 sqft building size and situated on a 33,185 sqft lot with an excellent curb-appeal and neatly manicured landscaping. It consists of 2 parcels (5626 Sultana and 5630 Sultana). 5626 Sultana is a 21-unit garden style apartment that was built in 1957, has a total building size of ±19,268 SQFT and situated on an oversized ±26,385 SQFT lot. 5630 Sultana is a 2-unit apartment that was built in 1959, has a total building size of ±1,716 SQFT and situated on ±6,800 SQFT lot.

The property has excellent unit mix with 1 x 3bed+2bath, 14 x 2bed+1bath, and 8 x 1bed+1bath. Most of the units have semi-private patio and some units have private balcony/sundeck. One unit have large backyard adjacent to swimming pool area. From 23-units, approximately 11-units have been full updated with luxury wood vinyl plank, upgraded kitchen complete with quartz countertop, shaker cabinets, stainless steel appliances, and upgraded bathroom complete with clear glass shower door. Each unit is large with 1 bedroom ranging from ±620 sqft to ±750 sqft, 2 bedroom ranging from ±800 sqft to ±1045 sqft and 3 bedroom at ±1263 sqft.

Building 5626 and 5630 (14-units) have individual water heater. Each unit comes with dishwasher, garbage disposal, windows A/C, ceiling fans. One unit have central A/C. Each unit has an excellent layout with large windows or sliding doors with garden area views. Almost all ground floor units have large semi-private patio area (some patios are between 300-400 sqft). Each unit is separately metered for electricity and gas (unit 5630 is on master meter with pool area).

There is an upgraded fenced swimming pool in the back complete with new patio furniture. It has shared laundry room. Parking is provided by 25 parking spaces in the back. It’s spread out between carports and tuck-under parking.

 

LOCATION AMENITIES AND ACCESS

The property is in the heart of Temple City with just steps away from Temple City Downtown area and several major community shopping centers with local and national retailers. It is within Temple City Unified School District which is recognized as “A District of Distinguished Schools” as all the public schools have been awarded the Distinguished School Award by the California Department of Education, placing each awarded school in the top five percent of California’s public schools in the given year.

Cloverly Elementary School (grades 4–6) was the first to receive the award, in 1995. The District’s intermediate school, Oak Avenue Intermediate School (grades 7–8), and comprehensive high school, Temple City High School (grades 9–12), received the award in 1996. One year later, in 1997, both Emperor Elementary School (grades K–6) and La Rosa Elementary School (grades K–3) received the award, followed by Longden Elementary School (grades K–6) in 2004.

 

The area has excellent demographics of ±$96,750 average household income within a 2-mile radius! The property is surrounded by single family houses, newly built luxury townhomes and condominiums, and smaller 3-4 units’ apartments. The property has superb access to FWY 10, FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Pasadena, Burbank and Glendale.

 

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