The Almansor Villa apartments are located at 333-433 Almansor St. here. The price per unit averages $101,724. The property was 98% occupied at the time of sale. The Almansor Villa apartments are approximately 50,000 sf and sit on a lot of 1.5 acres. The price per square foot on the deal figures out to around $118. The property sits on a 66,935-sf lot.
Galssell LLC is described as a "buy and hold" owner by the broker and plans to put significant renovations into the site, which has seen some neglect. The new owner plans to put in more than $5,000 per unit, or over $290,000 in total, to address termite damage, broken security gates, dry rot and other more cosmetic rehab.
The capitalization rate on the deal measured 5.37%. The building was erected in 1987. It has 55 enclosed garages, a pool and children's playground on site. The new owner is also planning to push rents, which the broker estimates are between 40% and 50% below market. T he building does not have rent control.
The Almansor Villa apartments have 16 one-bedroom, one-bathroom units, measuring approximately 700 sf and renting for $650 monthly; three two-bedroom, one-bathroom units, around 825 sf, renting monthly for $750; 29 two-bedroom, two-bathroom units, 850sf in size and renting monthly at $770; and 10 three-bedroom, two-bathroom units, with a total space of 1,150 sf and renting at $870 monthly. The average rent per square foot is 84 cents, where market value is estimated at $1.25.
According to a report from the broker dated fall 2001, as companies relocate to their area and increase local job growth, housing demand has started to rise. This heightened demand has resulted in declining vacancies and a steadily increasing average rent. The national recession has had little effect on the local economy and, therefore, housing demand should continue unabated.
The buyer, Galssell LLC, and the seller, Almansor Villa LP, were represented by David B. Kaufman of Marcus & Millichap' Los Angeles office.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
