11506 Obert Ave Whittier, CA 90604-2853

Property Details for 11506 Obert Ave

Year built

1962

Construction

WOOD

Lot size

0.40 lot acres

Property size

12,233 SF

Zone code

LCR3*

Property type

Apartment buildings

APN

8227-010-020

APU

8227010020

Description

This exceptional 14-unit apartment building, located at 11506 Obert Avenue in Whittier, California, presents a compelling investment opportunity. The property, built in 1962, boasts a total of 12,233 square feet on a 17,225-square-foot lot. The building comprises ten 2-bedroom, 1-bathroom units and four 1-bedroom, 1-bathroom units, some featuring spacious second-story patios. Recent upgrades include new windows throughout the property. Residents benefit from ample parking with 14 spaces and convenient on-site laundry facilities, offering potential for increased revenue. The current Net Operating Income (NOI) is $197,082, yielding a 5.55% cap rate. However, a significant upside exists, with a pro-forma NOI of $251,680 and a pro-forma cap rate of 7.09% achievable at market rents, representing approximately 18% rental upside. The asking price is $3,550,000, translating to $253,571.43 per unit and $290.20 per square foot. This property is situated in a desirable, quiet residential neighborhood in Whittier, offering a blend of small-town charm and easy access to the larger Los Angeles and Orange County areas. New financing is available at a 5.65% interest rate. The property's prime cul-de-sac location adds to its appeal. This is a rare opportunity to acquire a well-maintained multifamily property with substantial growth potential.

Location Insight

City

Whittier

County

Los Angeles

State

California

Longitude

-118.021

Latitude

33.9258

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments