The Growth Investment Group is proud to offer Temple Gardens Apartments, a 23-unit apartment investment opportunity located in the highly desirable city of Temple City and within Temple City School District. Temple City apartment market has always been known as “no inventory” market as there is always very limited numbers of multifamily community offered for sale. The property is located within steps away to Temple City Downtown on Las Tunas Drive and multiple large community shopping centers (newly constructed Camelia Square, Elm Center, K-Mart, Super A Center, etc.). The property is minutes away from Temple City’s elementary, middle and high schools. Current loan is assumable with Interest Only payment until January 2021. The current proforma income shows a high Proforma CAP Rate of 4.37% and Proforma GRM of 15.27!
Temple Gardens is a 23-unit garden style apartment community with ±20,984 sqft building size and situated on a 33,185 sqft lot with an excellent curb-appeal and neatly manicured landscaping. It consists of 2 parcels (5626 Sultana and 5630 Sultana). 5626 Sultana is a 21-unit garden style apartment that was built in 1957, has a total building size of ±19,268 SQFT and situated on an oversized ±26,385 SQFT lot. 5630 Sultana is a 2-unit apartment that was built in 1959, has a total building size of ±1,716 SQFT and situated on ±6,800 SQFT lot.
The property has excellent unit mix with 1 x 3bed+2bath, 14 x 2bed+1bath, and 8 x 1bed+1bath. Most of the units have semi-private patio and some units have private balcony/sundeck. One unit have large backyard adjacent to swimming pool area. From 23-units, approximately 11-units have been full updated with luxury wood vinyl plank, upgraded kitchen complete with quartz countertop, shaker cabinets, stainless steel appliances, and upgraded bathroom complete with clear glass shower door. Each unit is large with 1 bedroom ranging from ±620 sqft to ±750 sqft, 2 bedroom ranging from ±800 sqft to ±1045 sqft and 3 bedroom at ±1263 sqft.
Building 5626 and 5630 (14-units) have individual water heater. Each unit comes with dishwasher, garbage disposal, windows A/C, ceiling fans. One unit have central A/C. Each unit has an excellent layout with large windows or sliding doors with garden area views. Almost all ground floor units have large semi-private patio area (some patios are between 300-400 sqft). Each unit is separately metered for electricity and gas (unit 5630 is on master meter with pool area).
There is an upgraded fenced swimming pool in the back complete with new patio furniture. It has shared laundry room. Parking is provided by 25 parking spaces in the back. It’s spread out between carports and tuck-under parking.
