810 S Citrus Ave
Azusa, CA 91702
Citrus Villa · Multifamily Property For Sale · 22 Units

Marcus & Millichap is pleased to present the opportunity to acquire 810 South Citrus Avenue, a 22-unit, non-rent controlled apartment building located in Azusa, California. The subject property consists of 18,084 square feet of gross area, and is situated on a 25,700-square foot lot. The City of Azusa is widely recognized for its high quality of life, rich history, and highly prized location along the Angeles National Forest foothills. As a result of its strong appeal, the submarket has experienced strong rent growth and tightening occupancies in recent years, a trend which is expected to continue as Azusa and the San Gabriel Valley remains a highly supply constrained market. Originally built in 1987, and family owned and operated for 15 years, 810 Citrus offers investors the opportunity to capitalize on these strong market trends and implement a comprehensive renovation strategy that, upon completion, should increase rental income by approximately 25 percent. This offering represents a rare opportunity to acquire a mid-sized value add opportunity in a market where similar opportunities are made available only once or twice per year. Additionally, the subject property has an excellent unit mix comprised of 18 two-bed and 4 one-bed units, well-designed floor plans, a quiet yard area with barbecue and two on-site laundry areas. The property also includes a 12 two car and 10 single car garages, which could generating additional income. Given the strong market dynamics, unique appeal of the subject property, and significant value add component, 810 Citrus is well suited to provide investors with strong returns and value appreciation over the long term investment horizon.