Investment Overview

Marcus & Millichap, as Exclusive Advisor, is pleased to present 8069 Garvey Avenue, a 78-unit mobile home park as a covered land opportunity situated on 3.75 acres of land (163,260 SF) along the highly trafficked Garvey Avenue in the San Gabriel Valley submarket of Rosemead, CA. 8069 Garvey Avenue consists of 78 units and is currently 94.2% occupied. The park is made up of nineteen (19) tenant owned units and fifty-nine (59) landlord owned units. The tenant owned units make up 24.4% of the total unit count paying a total of $21,926.00 per month, or 263,112 per year, with no vacancy. The average tenant owned unit pays $1,154 per month. The landlord owned units make up 75.6% of the total units paying $65,141.00 per month, or $781,692 per year, with five (5) units or 2,680 SF vacant. The average landlord owned unit pays $1,206 per month. Combined the property generates $87,067.00 per month or $1,044,804 annually. Paradise Trailer Park and Apartments is uniquely positioned as a covered land opportunity. Its large underlying parcel of 3.75 acres or 163,260 SF presents a myriad of redevelopment options. The property falls in the Garvey Avenue Specific Plan with a mixed-use zoning. New mixed-use developments are permitted a base density of 25 units/acre (94 total units), a 1.60 FAR, height up to 75 feet, and a 35% non-residential component. With the inclusion of “Community Benefits”, detailed hereafter, the development standards are generously expanded to allow a density of 80 units/acre (300 total units), a 3.00 FAR, and a 30% non-residential component. The City of Rosemead does not currently have an inclusionary housing requirement, which allows all newly developed units to be rented at market rates. Community benefits include adding public open space, capping the Alhambra Wash, public parking, lot consolidation, taller buildings in the center of development, sustainable design, alternative energy, family friendly development, economic feasibility study, and ensuring non-residential units with an average size of at least 2,000 SF. The subject property benefits from its position on Garvey Avenue, one of Rosemead’s primary east-west commercial thoroughfares with traffic counts in excess of 27,000 VPD. The site boasts excellent visibility along the corridor with frontage of approximately 206 feet and is situated less than 0.75 miles south of the 10 Freeway via San Gabriel Blvd. 8069 Garvey Avenue, alongside neighboring parcels to the east and west (the former LA Auto Auction site), are identified by the City as “catalytic project sites” with the greatest potential to transform Garvey Avenue. The neighboring site to the east, which shares the same zoning as the subject site, is currently pursuing entitlements for a 100% condominium project, showing a potential leniency in zoning and development standards by the city towards projects that meet their housing goals.