The property, which is more than 90% occupied, sits on 3.75 acres and was constructed in 1972. It consists of 75 one-bedroom, one-bath units; 49 two-bedroom-one-bath apartments; and 17 two-bedroom, two-bath units, ranging in size from 725 to 975 sf. Monthly rental rates range from $840 to $1,090. Other features include a swimming pool, a spa, a barbecue area, a cabana, a recreation room and secured entry.
Martin Ensbury and Stewart Weston of Marcus & Millichap, who brokered the deal, say the price represents a 6.9% cap rate. They also say the property holds significant potential for the new owner to boost its value because Pico Rivera is in a densely developed part of Los Angeles County where few new apartment units are likely to be built because of the lack of land and local growth-control initiatives.
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