625-627 S Wabash Ave - Apartments FOR SALE


Glendora, CA 91740
$4,575,000 USD
626-429-0685
625-627 S Wabash Ave, Glendora, CA for Sale
$4,575,000 USD
Apartments - FOR SALE
1/28
null | 5.33% Cap Rate

625-627 S Wabash Ave
Glendora, CA 91740


HIGHLIGHTS

  • Prime Glendora Location
  • Seller Carried financing terms to: 5.5% interest only with $1.9 mil down payment
  • Well maintained, turnkey property
  • Highly Ranked School District
  • 16: 2 bed/ 1 bath units
  • Two 8 unit buildings, so no onsite manager required

OVERVIEW

625 & 627 S. Wabash is a 16-unit apartment complex situated on two lots totaling four parcels in Glendora. The property consists of two separate 8-unit, two-story walk-up buildings constructed in 1959, with slab foundations and rolled composition roofs (including carports). The buildings total 10,453 with the property lot size consisting of 20,978 SF. There are 16 two-bedroom / one-bath units featuring gas wall heaters and wall A/C, with select interior upgrades including newer kitchen cabinets, granite countertops, gas stoves/ovens, vinyl plank flooring, and updated bathrooms with newer vanities and sliding tub/shower doors. Flooring varies by unit and includes carpet, vinyl plank, oak parquet, ceramic tile, or sheet vinyl. Utilities are individually metered for gas and electric, while ownership covers hot water, water/sewer, and trash. Each building is served by its own 100-gallon hot water heater (625's was replaced in 2016; 627's was replaced in 2021). Electrical sub-panels were replaced around 2016, and plumbing upgrades include replaced hot water lines and selective unit re-pipes using copper or PEX. The property offers 28 parking spaces (15 carports and 13 open), no soft-story requirements, and two common laundry rooms (one per building) with owner-owned washers and dryers. Major capital improvements include new building roofs installed in March 2022 and carport roofs replaced in 2016. PROPERTY HIGHLIGHTS: *Prime Glendora Location. *Seller Carried financing 5 years, 5.5% interest only with $1.9 mil down payment. *The property is subject to California AB 1482 statewide rent control; no local rent control applies in Glendora.

FOR SALE DETAILS

PRICE

$4,575,000 USD

PRICE/SF

$436 USD /SF

# OF UNITS

16

PRICE/UNIT

$285,938

CAP RATE

5.33%

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Wabash Gardens

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1959

PARKING SPACES

28

LAND DETAILS

LAND ACRES

0.48 AC

LAND SF

20,978 SF

ZONING

R3, Glendora

APN/PARCEL ID

8644-001-020,8644-001-040,8644-001-041,8644-001-048

ASK ABOUT THIS PROPERTY

Kevin LutzKW CommercialMore Info
626-429-0685

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Kevin LutzKW CommercialMore Info
626-429-0685

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.