Condominium buy in East Pasadena California

REDUCED by $1million - SELLER MOTIVATED! 6933 Rosemead Blvd., a 40-unit Value-Add multifamily investment opportunity located in the City of San Gabriel, CA. This offering provides a rare opportunity for investors to acquire a sizable multifamily asset with tremendous upside potential through corrective management to increase the current income. The location is excellent at the border of Arcadia and Pasadena and within minutes from Santa Anita Mall Arcadia, Santa Anita Park/Racetrack, and Los Angeles County Arboretum. This offering provides an attractive going-in CAP Rate of over 4% and proforma CAP Rate of close to 6%. The property is located on Rosemead Blvd and is surrounded by single family residential communities, neighborhood shopping centers, and other residential community amenities. It is surrounded by other excellent cities like Arcadia, Pasadena, Temple City, and San Marino. The property is a two-story garden style property that was built in 1964. It has a total of ±23,805 SF and situated on a ±39,273 SF R3 zone lot. The property is gated with secured entrance and offers a large and underutilized center courtyard. It offers an excellent unit mix of five (5) 2bedroom+2bathroom and thirty-five (35) 1bedroom+1bathroom units. Although most of the units have laminate flooring, an astute investor should be able to easily upgrade the units and increase rents to market. Each unit is separately metered for electricity and gas and has windows A/C, wall heater, and ceiling fans in the bedroom. The one-bedroom units have one walk-in closet and a regular closet. The property has a copper plumbing throughout and was recently repainted and undergone landscaping improvements. The property is overparked with a total of 57 covered parking spaces. The building only requires 45 spaces (2 spaces for each 2bedroom unit, and 1 space for each 1bedroom unit) which leave 12 excess parking spaces that can be utilized to generate additional income or converted into ADUs (buyer to verify). Although some of the units have been updated, new owner can take it to the next level and maximize its rental upside potential. MLS® ID: AR22141325 Listed: 6/27/22 Updated: 10/4/22 Interior Features Kitchen Appliances: Gas Range Total Bedrooms: 0 Total Bathrooms: 0 Laundry Description: Common Area Floor Description: Carpet, Laminate, Vinyl Fireplace: None Cooling: Wall/Window Unit(s) Heating: Wall Furnace Exterior/Building Features Lot Size: 0.9 acres lot Lot Details: Level, Near Public Transit, Rectangular Lot Sewer: Public Sewer Other Property Details Area Name: 654 - San Gabriel HOA Amenities: Suburban, Valley Garage: No Parking: Assigned Parking Total: 57.0 View: N County: Los Angeles Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected Water Source: Public Pool: No Pool Description: None Total Stories: 2 Zoning: LCR3* Property History Date Event Price Value 9/20/22 Price Change $11,500,000 -4% 7/22/22 Price Change $12,000,000 -4% Listed by Handoko Chen, GIG Real Estate Inc., Based on information from California Regional Multiple Listing Service, Inc. as of 10/4/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.