Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Mulberry Drive Apartments, a 25+1* unit multifamily investment property located at 14149 Mulberry Drive, Whittier, CA.
Situated on a 0.97-acre lot, Mulberry Drive Apartments consists of studio, one-, and two-bedroom floor plans and offers amenities including gated access, carport parking, a spacious courtyard with a gated swimming pool, security doors, and on-site laundry.
In recent years the Whittier submarket has thrived, with year-over-year rent increases of 7.2 percent in 2016 and 4.4 percent in 2017. In addition, vacancy rates in Whittier were 1.6 percent in 2016 and 1.2 percent in 2017, both of which are well below the Los Angeles County average vacancy rate of 3.7 percent (fourth quarter 2017).
Given Whittier’s strong demographics and the property’s fantastic unit mix and attractive amenities, Mulberry Drive Apartments is well suited to provide investors with strong returns over the long term investment horizon.
*one, non-conforming studio unit