13423 Olive Dr, Whittier, CA 90601

13423 Olive Dr, Whittier, CA 90601

Whittier, CA

Property Description

We are pleased to exclusively offer for sale this 4 4-unit multi-family investment located in the unique 90601 submarket of Whittier. This 5,788 SF lot is steps away from Whittier College and strategically positioned near Uptown Whittier. Within the last (3) years there have been only 5 other 4-unit properties sold within a half mile. In addition to the building’s excellent location, one of the features is a completely remodeled unit upstairs that will be delivered VACANT at the close of escrow. The building has been outfitted with copper plumbing and new electrical throughout and (2) of the units are equipped with tankless water heaters while the vacant unit features a brand new mini split system. Further, (2) additional units have been upgraded totaling 3 remodeled units. Along these lines, the property presents itself as an excellent Owner User opportunity for Buyer(s) looking to live in one of the units while utilizing the income from the other (3) to offset their annual debt service. As it stands, the offering presents strong day 1 income with a current CAP Rate of 4.61% and future upside with a pro forma CAP Rate of 6.41%. In addition, the tenants have access to a back lot equaling at least (4) Total Parking Spaces on site, which is especially significant in this parking impacted submarket. On top of this, there is a large backyard that is ideally suited for an ADU for investors looking to increase their annual Cash Flow. All in all, the building’s close proximity to Whittier College, Uptown Whittier, etc. and the vast dining, shopping, and entertainment options therein provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate.

Property Features

  • Sale Price: $1,395,000
  • Area Size: 2,670 Sq. Ft.
  • Land Area: 5,788 Sq. Ft.
  • Year Built: 1903
  • Listing Date: 8/10/23
  • Units: 4
  • Current GRM: 15.25
  • Current Cap Rate: 4.61%
  • Price Per Unit: $348,750
  • Market GRM: 11.74
  • Market Cap Rate: 6.46%
  • Current NOI: $64,247

Lyon Stahl Investment Real Estate

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