Small Building Shows Trend

SAN GABRIEL, CA-The $1.1 million sale of a 40-year-old, eight-unit apartment building here illustrates investor interest in the San Gabriel Valley and buildings without rent control, according to Seth Polen of Marcus & Millichap.

Polen says that a private investor acquired the building from another private investor. The new owner was one of many prospective buyers who were interested in the property, Polen says. The building drew multiple offers, he says, because the San Gabriel Valley ?continues to be one of the hottest markets in the region. A number of investors have sold apartments in the city of Los Angeles to switch to owning San Gabriel Valley properties that are not under rent control, he says.

The property at 120 E. Live Oak St. was built in 1962 and had been extremely well cared for, according to Polen. The eight units were all occupied at the time of the sale. They include three one-bedroom, one-bath units; four two-bedroom, two-bath units, and one three-bedroom, two-bath apartment. The three-story building is of wood frame construction, with parking for 12 cars. Rents range are $785 to $855 for a one-bedroom, $960 to $990 for a two-bedroom, and $1,170 for the three-bedroom. The complex is within walking distance of the San Gabriel Country Club and historic San Gabriel Mission.