8401 California Ave, South Gate, CA
Offering Comprises 21 Multifamily and Two Retail Units on Three Parcels
40 Percent Potential Upside in Rents
Apartment Mix Consists of Nine One-Bedrooms, 10 Two-Bedrooms, and Two Three-Bedrooms
Potential to Convert One Soon-to-be-Vacant Retail Space to an Apartment Unit
Recent Improvements: New HVAC Equipment, Interior Upgrades in Select Units, Brand New Roof on 3473 Liberty Boulevard, and More
8401 & 8185 California Ave & 3473 Liberty Blvd
South Gate, CA
List Price: $5,100,000
Cap Rate: 4.70%
The Bogie Group of Marcus & Millichap is pleased to present to market the combined sale of 8401 and 8185 California Avenue and 3473 Liberty Boulevard in South Gate, California. The offering consists of 21 multifamily and two retail units on three parcels, two of which are adjacent and the other is across the street. This is an excellent opportunity to acquire an asset with a diverse unit mix in a strong rental market with low vacancy and the potential to capture 40 percent rental upside. Furthermore, one of the retail spaces is soon to be vacant and may be converted to an apartment unit.
The properties comprise seven buildings with a mix of nine one-bedroom units, 10 two-bedroom units, two three-bedroom units, and two retail spaces. The units are separately metered for gas and electricity, and the properties also offer 15 garage spaces and an additional new surface parking space.
Recent improvements include a brand new roof (2023) on the duplex at 3473 Liberty Boulevard, new HVAC equipment ($23,500), new concrete steps, and interior upgrades for select units.