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9/09/24
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Two multifamily communities totaling 18 units in the San Gabriel Valley recently traded hands in deals worth just over $6 mil. The properties are located in Azusa and Arcadia.
In one of the deals, a 10-unit property at 1205 North San Gabriel, at the corner of San Gabriel Ave and Sierra Madre Ave in Azusa, sold for $2.67 mil ($267k/unit). In the other transaction, an eight-unit property at 1015 Sunset Blvd in Arcadia, went for $3.38 mil ($422.5k/unit).
Eric Chen and Justino Fa'aola with CBRE represented both the buyer and seller in the 1205 North San Gabriel Ave transaction, which sold at a 4.08% cap rate within 10 days of listing. The property was built in 1963 and comprises only two-bedroom units. The community includes an on-site laundry facility and resident parking.
The well-maintained, eight-unit property in Arcadia was built in 1963 and features a mix of two- and three-bedroom units. CBRE’s Chen represented the seller in the all-cash transaction, which came in a 3.68% cap rate. The units feature central air conditioning and heating as well as large closets and balconies.
According to CBRE research, the Inland Empire ranked 16th in the top 20 metropolitan areas in the country for rent-per-unit at $2,201 per unit, which was $38 higher than the national average of $2,163 rent-per-unit.
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