Pacific Partners of Marcus & Millichap is pleased to exclusively present the Dicky Street Apartments. The investment offering is a two story, eight-unit, multi-family asset located at one of the strongest rental submarkets in Whittier, CA.
Built in 1957, the asset is being marketed for the very first time in 30 years. The subject property is individually metered for gas & electricity and is situated on a 6,735 square foot lot with approximately 5,504 rentable square feet. The complex consists of two, two-bedroom/one-bathroom and six, one-bedroom/one-bathroom units. The building offers long term tenants with no vacancy in the past three years with rents approximately 30 percent below market giving the new owner an opportunity to a return of over 5 percent.
The subject property offers ample parking with a total of 12 parking spaces. In addition, there is a storage area which can be converted into a laundry room for additional income.
The Dicky Street Apartments is conveniently located south of Mulberry Drive within walking distance to nearby shops, restaurants, parks, and schools. The subject property is 16 miles from downtown Los Angeles and other major employers with over 180,000 population within a three mile radius.
This investment offers the astute investor a value-added opportunity through interior unit renovation & by leveling rents to market.
