Investment Overview

Built in 1964 by the selling family, the property is immaculately maintained. The Subject Property is 100% occupied. Rents in the Subject Property are significantly under market as a result of long-time, relaxed ownership and contented, long-term tenants. All have washer hookups. Neighborhood has a high 80% “walkable” score in Zillow. New air conditioning “split” units have just been installed at an investment of $65,000. Two units are large; one is a three bedroom layout, and the other (the same square footage) boasts a large living area. They rent for $2,100 and $1,900. There are four two-bedroom units in the Subject Property, currently rented for $1,750 to $1,950 per month. The Market for Multifamily in Temple City CoStar report a total of 1,344 apartment units in the city, with an average rent of $2,109 and an average value per unit of $352,000. When the search is limited to two- and three-bedroom units, the average rent is $2,758 a month, and the average sale price per unit is $502,000. There is no new construction, which indicates barriers to entry of new, competitive product to existing apartment properties. Temple City The surrounding neighborhood is exceptional, with the public library and Temple City Park immediately across the street, and a church complex next door. Temple City boasts vibrant retail, high household income, and low crime. emple City has a lower overall crime rate than the vast majority of U.S. cities. For comparison, the national total crime rate is 2,489 incidents for every 100,000 people. Temple City's overall crime rate is 61% lower than the overall crime rate in California. Building plans in possession of seller and will be provided to buyer. Roof done with warranty. Property is legally non-conforming – one could not replace this property with current parking and zoning standards, making this more valuable than new construction. Appraisal done in 2022, available to buyers. Heirs are selling after passing of family members.