Emerald Apartments: San Gabriel
For Sale
$7,150,000
1232 South San Gabriel Boulevard, San Gabriel, CA 91776
36-unit multifamily investment in high-demand San Gabriel, California.
Property Size12,441 SF
Price / SF$574.71
Days on Market161
Property Features for 1232 South San Gabriel Boulevard
General Information
Standard status
Active
Size
12,441 SF
Property subtype
Multifamily
Listing Agency:
CBRE - Ontario
(909) 418-2071
Listed By:
Eric Chen · License #01489184
(909) 418-2071
Source:
Cbre
Added: Mar 25
Changed: Aug 16
Last Checked: Aug 31 at 1:07PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Ontario
Investment Insights
Based on property information with market context.
The Emerald Apartments, located in San Gabriel, California, features 36 units and offers investors immediate stability and long-term appreciation. The property is positioned within a supply-constrained submarket and provides access to the I-10, I-210, SR-60, I-605, and I-710 freeways, connecting residents to employment centers across Los Angeles, Orange, Riverside, and San Bernardino Counties. The property is located near the Mission District, the San Gabriel Mission, and the San Gabriel Mission Playhouse, as well as retail destinations including Rosemead Plaza, Camellia Square, and The Shops at Santa Anita. The property features classic architecture, landscaping, controlled gated entry, a central courtyard, on-site laundry facilities, and surface parking. The modernized interiors include kitchens with updated countertops, cabinetry, drawer fronts, appliances including oven ranges, refrigerators, and pantries, vinyl wood plank flooring, updated lighting and plumbing fixtures, ceiling fans, and vertical blinds. Each residence has wall-mounted A/C and heating units. The unit mix includes 32 studios, 2 one-bedroom/one-bath units, and 2 two-bedroom/two-bath units. The property is located in the San Gabriel Valley, which is recognized as a repeat finalist for the "Most Business-Friendly City" in LA County. The San Gabriel Valley Economic Partnership highlights that the region is powered by a $20+ billion economy, with top sectors in healthcare, education, and international trade.
Key Highlights
- Lowest price per unit on the market, offering significant value.
- Immediate 17% rental upside to market levels, providing a high‑yielding income stream.
- Strategic location in the core of San Gabriel Valley, with easy access to major freeways.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$200,186
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,003,720
$4.0M
Cap Rate 7%
$2,859,800
$2.9M
Cap Rate 9%
$2,224,289
$2.2M
Market Conditions
NOI Build-Up for 12,441 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$395.6K $31.80/SF
− Vacancy
−$31.6K −$2.54/SF
EGI
$364.0K $29.26/SF
− OpEx
−$163.8K −$13.17/SF
NOI
$200.2K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,003,720
Cap Rate 7%
$2,859,800
Cap Rate 9%
$2,224,289
Alternative Uses
Best Use
Apartment 5plus
$2.86M
$2.50M – $3.34M
NOI $200,186 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.66M
$5.83M – $7.77M
NOI $466,260 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,590
Businesses Nearby
Explore this area
Business Placement
Demographics for 91776, CA
38,031
Population
12,806
Households
3
Avg Household Size
42
Median Age
29%
College-Educated
76%
High-School Grad
3.3 sq mi
ZIP Area
11,525
Density / Sq Mi
$79,926
Median Household Income
$37,548
Median Earnings
$1,825
Median Rent
$816,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 36-unit multifamily investment in high-demand San Gabriel, California.
Where is this apartment building located?
The property is located at 1232 South San Gabriel Boulevard San Gabriel, CA.
What is the asking price?
The asking price for this property is $7,150,000.
What are key features of this property?
This property features: Lowest price per unit on the market, offering significant value.; Immediate 17% rental upside to market levels, providing a high‑yielding income stream.; Strategic location in the core of San Gabriel Valley, with easy access to major freeways.
