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IN ESCROW | 6 Units | Whittier | Non Rent Control

Purchase Price: $1,350,000
Property Address: 10124 Laurel Ave. Whittier, CA 90605

  • CAP Rate:
  • Units:
  • Zoning Type:
  • Lot Size (Sqft):

3.75%

6

LCR3

9,199

  • GRM:
  • Year Built:
  • Price Per Unit:
  • Price Per Sqft:

15.27

1960

$225,000

$253.76


Investment Highlights


  • Non-rent control
  • Value-add opportunity
  • Significant rental upside

  • New roof, mainline and water heater
  • Dense in fill location
  • Desirable Whittier location

Attachments

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Building Description

Property: The Laurel Apartments located at 10124 Laurel Avenue is a boutique apartment community comprised of 6 garden-style apartment units in one 2 story building. The building construction is of wood frame with a combination of flat/pitched roof and painted stucco exterior with wood accents.

 

Development was completed in 1960 with a total of 5,320 square feet on a large 9,199 square foot lot. Current zoning is LCR3.

 

The apartment units consist of 6 spacious 2-bedroom / 1-bathroom units. Utilities are individually metered for gas and electric. Common area amenities include a courtyard currently with a vegetable garden, outdoor lounge area, and 3 private 2-car garages. Improvements include a new 100-gallon water heater and newer roof.

 

Location: The Laurel Apartments are located in the highly desirable and gentrifying community of Whittier, California. The property sits just above N. Telegraph Road, directly across the street from Gateway Plaza Shopping Center. The 10,000 block of Laurel Ave is a low traffic, a residential tree-lined street that runs past Lake Marie Elementary School. The immediate vicinity consists of a well-maintained apartment building, single-family homes as well as shopping and entertainment.

 

Given its convenient location within Greater Los Angeles, Whittier offers more than its historic Craftsman homes and beautiful neighborhoods. With 14.7 square miles of pedestrian friendly streets, it’s a neighborhood that offers an eclectic mix of shopping, dining, entertainment, outdoor recreation, and public transportation, making it a highly desirable and diverse community.

 

Whittier’s redevelopment Agency has numerous projects underway to revitalize the community. This includes a multi-million-dollar project near the Hoover Hotel which has attracted national credit tenants such as JC Penney, Target, Sears, Vons and Kohls. 10124 Laurel Avenue offers an astute investor the opportunity to acquire a unique property with great upside potential.