13835 Christine Drive, Whittier, CA 90605
Property
Sold March 2023
Listing Agent: Joshua Barut (DRE #01971720) · Listing Office: Lyon Stahl Investment Real Estate, Inc. · Contact: 562-457-8126 · Bought with: Sebastian Martinez · CURB® · MLS #SB23042559 · Source: CRMLS
About this property
We are pleased to exclusively offer for sale this 7 unit multi-family investment located in the City of Whittier. This large, 6,827 SF lot is strategically positioned in an extremely low inventory submarket where there are only (32) other 5+ unit apartment buildings within a 0.5mi radius, as opposed to (1,587) SFR’s. Further, only (2) of these apartment buildings have sold over the last (3) years, which helps explain why this is the first time this property has been offered for sale in over (40) years! The building itself features an excellent unit mix of (2) 3 Bed/2 Bath ~1,080 SF Units, (4) 2 Bed/1 Bath ~850 SF Units, and (1) 1 Bed/1 Bath ~750 SF Unit for a total rentable square footage of 6,306 SF. Each tenant has access to garage parking with (7) total garage parking spaces that each feature individual ~32 SF enclosed storage spaces therein. On top of this, each tenant has access to a coin operated laundry room that generates ~$125/m in additional income. From an income capitalization standpoint, the property is currently operating at a 4.67% CAP Rate and 13.91 GRM, which are undoubtedly healthy income figures for a stabilized asset in the submarket. That said, this offering presents a rare opportunity to capitalize on impressive day 1 income while simultaneously presenting a strong value add component with an achievable Rent Upside of 27%, ultimately imputing a Market CAP Rate of 6.50% at 10.97x Gross. Further, this favorably zoned, R4 lot is operating at – or close to - its highest and best use with a Floor Area Ratio of 92%; however, the Lot Coverage is so efficient that its tenants are offered attractive courtyard/outdoor living quarters lush with greenery and enough space to entertain guests. In addition, the property runs adjacent to The Quad at Whittier and Whittier Crossing, which serves its tenants with ample shopping, restaurant, and entertainment options just a short walk away. In final, this prime location is about a mile from Whittier College and offers tenants easy access to the economic and employment hubs of both Los Angeles and Orange County. For these reasons, the astute investor can confidently forecast continued population and median household income growth within the submarket, thus driving prolonged rent growth upon acquisition.
Listing description from the March 2023 sale, as reported to CRMLS.
Sale history