Downtown Sierra Madre Retail & Apt. 2 Properties Offered at $6,480,000 in Sierra Madre, CA

Growth Investment Group California is proud to offer 140-152 W Sierra Madre Blvd. (commercial retail) & 138 W Sierra Madre Blvd. a.k.a. 147 S Mariposa St. (apartment), pride-of-ownership commercial retail and apartment in the highly desirable area of the City of Sierra Madre, California. It is in the heart of Sierra Madre downtown, right on Sierra Madre Blvd. The property is surrounded by local mom-and-pop restaurants and other local retail stores. It is several steps away from Sierra Madre Memorial Park, a historic landmark and an immensely popular park for Sierra Madre residents; it houses monuments, tennis courts, playground, covered picnic area, and weekly performances and activity centers. It offers excellent demographics with ±$202,678 of average household income within a mile radius. This strong market provides consistent full occupancy for the commercial and residential units of these properties. Because of its superb location in Sierra Madre Downtown (Sierra Madre Blvd and Baldwin Ave), the property enjoys strong occupancy and high walk score of 89. It is also several lots away from Sierra Madre City Hall, Police Department and other Sierra Madre civil services.
140-152 W Sierra Madre Blvd is a two-story retail/commercial building that has been fully upgraded/rebuilt in 2009-2010. It has upgraded electrical, plumbing, roof, exterior paint, and exterior façade. All the units have been upgraded by each tenant providing superb synergies to the local community and providing consistent and stable tenancies for this property. This property consists of 7 tenants, 5 of them are on Net Lease structure while the remaining 2 are on Modified Gross structure. The property was built in 1953, has a total of ±9,169 SF building space and situated on ±10,066 SF CC zoned lot. It has a shared driveway with the 147 Mariposa Ave. Parking is in the back with 12 open spaces (11 + 1 disabled parking).
This commercial center is occupied by local retailers that have established business presence, strong roots in the Sierra Madre community, and each tenant has invested heavily in improving their units through modern tenant improvements. The first floor is occupied by a local coffee shop, massage therapist office, sandwich place, and other retailers. The 2nd floor is occupied by a group of psychiatrists with excellent space and private offices. Each private office has views of San Gabriel Mountains and sliding door that leads to semi-private rooftop deck area. The spaces and locations provided by this center to each commercial tenant are not easily replaceable, which translates to a stable tenancy for this shopping center.
147 Mariposa Ave is a 5 units value-add two-story garden style apartment that was built in 1936 and has undergone major renovation in recent years. It has a total of ±4,853 SF building area and is situated on a large ±15,296 SF lot. The property has an updated electrical, plumbing, double pane windows throughout, and central HVAC units. The property offers an excellent unit mix with one (1) x 3-bed + 1-bath, three (3) x 2-bed + 1-bath, and one (1) x 1-bed + 1-bath units. The property has 7 separate electrical meters, and it may have a 6-unit before the previous owner combined 2 units into one and made it into a 5 units apartment. The property is not under any local rent control, so new owner can increase rents up to 10% (per CA AB1482 – buyer to verify). There is a shared laundry room (seller own machines). It has 6 open parking spaces in the front. The deck area is supported by metal poles, so the property does not require any balcony/SB721 inspection.