The Coronado Real Estate Group of KW Commercial is pleased to present for sale an extremely rare mixed use opportunity just blocks from South Pasadena and Alhambra, in the budding neighborhood of El Sereno. 5120 Huntington Drive S. is a mixed use property on a C4 zoned lot consisting of three storefront retail units and two apartments. In addition, there are two non-conforming 1br apartment units for which the current owner has approved plans and permits that will transfer with the sale so that the new owner can legalize the units, thus adding tremendous value and income potential to the property. The current owner has completed over $100,000 worth of repairs in the past two years, including:
• Complete renovation of unit 5122 3/4, the 1Br+Den apartment
Windows, plumbing, electrical, kitchen, bathroom, A/C, flooring, fixtures, etc.
• Newer exterior paint and stucco of façade
• Installation of permitted independent bathroom in rear of retail units
• Renovation of the two retail units currently rented to PC Fix On-Site, including new window air conditioning unit
• Design and approval of permits by LADBS for legalization and renovation of two existing non-conforming units and four garages (Permit cost of appx. $5,000 has been paid, and plans transfer with the sale)
• Newer hot water heaters for existing residential units
This investment offering provides a buyer a unique opportunity to purchase an existing cash flowing property with significant upside that can be realized not only by rent increases of the existing units but also by legalizing the two non-conforming units.
Additional property highlights include:
• One retail unit (Tricia’s Thrift Store) is a long term tenant on a month-to-month lease of $900/mo, offering a buyer immense flexibility to either vacate the unit for owner occupancy or a higher paying tenant, or retain the current stable tenant.
• Retail tenant PC Fix On Site currently rents two retail units and is on a lease until 9/30/2017 for $1,300/month with two built in annual rent increases. Tenant pays electricity, trash, and improvements.
• All units are separately metered for gas and electricity, including the non conforming units
• Extremely low expenses
• Under 10 GRM once two additional units are rented