805 Fairview Ave, Arcadia, CA 91007

Property Description

Sold together with 809 Fairview. First time on the market in over 45 years! Both 805 and 809 Fairview are 14,824 sf and sit on a RARE street to alley ARR3 zoned large lot(s) of 37,804 sf in an exceptional location close to Westfield Santa Anita (Super-Regional Mall), Santa Anita Racetrack, the 210 freeway, and within Arcadia School district which has been ranked in the top 1% of school districts in America by Niche. Both properties are 14 units combined consisting of (12) two bedroom/two baths and (2) one bedroom/one baths, 14 tenant assigned covered & 4+ guest parking spaces, mature landscaping, and extremely well maintained and cared for. All units, except one, have been upgraded/remodeled, individually metered for electric/gas, central HVAC (except the 1/1's which have individual wall mounted furnace and window AC), newer roofs, individual water heaters, and 809 Fairview enjoys covered patios and a new water main from street to faucets and laundry room to the rear of the property. Rents are approximately 19% below market with a current 24.38 GRM with room to move to 19.82 GRM and all this within a highly desirable area offering investors a great opportunity with the possibility for future development.