INVESTMENT HIGHLIGHTS
- Super prime Location in the Downtown Temple City and within Temple City School District
- First Time for Sale for ±33 years!
- 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
- Strong demographics with ±$134,626 average household income within a 2-mile radius!
- Area of HIGH Homeownership rate (±63%!)
- Surrounded by many newer multi-million dollars SFR/new residential development
PROPERTY HIGHLIGHTS
- Walk to the immensely popular CAMELIA SQUARE Shopping Center, Temple City High School, Longden Elementary School, and Oak Ave Intermediate School
- Minutes to San Gabriel Country Club, Santa Anita Mall, City of San Marino
- Two lots – each with 17 units; Large Lot with R4 zone, Ample parking with 34 spaces
- Excellent unit mix with mostly large two-bedroom units
- Well maintained garden style apartment
- Most tenants are on month-to-month and some may be due for rent increases (buyer to verify)
- Easy to maintain and operate with low vacancies due to its location, school district, and strong demand
- Excellent curb appeal in a quiet residential neighborhood adjacent to newer PUD properties
- Brand new roofs installed in 2020
- Each unit is separately metered for electricity and gas, 2 laundry rooms
EXECUTIVE SUMMARY
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).
LOCATION AMENITIES AND ACCESS
The property is in the heart of Downtown Temple City with just steps away from Las Tunas Drive 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 ±$134,626 average household income within a 1-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.