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$19,500,000
Est. payment /mo
61,439 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 61,439 sqft
Price per Sqft $317
MLS Listing ID CL25598003
HOA Y/N No
Year Built 1988
Lot Size 1.110 Acres
Acres 1.11
Property Sub-Type Other
Property Description
Nestled directly on the border of vibrant Paramount and Downey, the Gardendale Park Apartments stand out as a rare gem for discerning investors. Built in 1988 and spanning 61,439 square feet on a generous 1.11 acre lot, this 76-unit community offers a perfect blend of suburban charm and urban accessibility. Priced attractively at $19,500,000 ($256,579 per unit), it's an enticing value-add opportunity in a market where multifamily assets continue to thrive, delivering a Cap Rate of 6.12% and a GRM of 9.81 with untapped potential. The success of this investment lies in efficient and proactive management. To date, approximately half of the large units have been upgraded with items such as new countertops and kitchen cabinetry and upgraded flooring, window treatments and vanities. The remaining 50% of the units present an opportunity for value creation. By completing unit turns and improving leasing execution, a new owner can potentially increase annual NOI by approximately $350,000. Upside may also be realized through strategic expense controls and the implementation of a RUBS program. Many CapEx improvements have been made, these include items such as new exterior paint, new landscaping, numerous hardscape improvements, an upgraded onsite management office and more. For a buyer wit
Location
State CA
County Los Angeles
Interior
Heating Forced Air
Fireplace No
Building
New Construction No
Others
Tax ID 6266014060
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Listed by Joshua Cohen • Keller Williams Realty
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