Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Tenaya, a 10-unit multifamily investment opportunity located in Whittier, one of the premier housing markets in Southern California.
Built in 1961, Tenaya offers 6, one-bedroom units, 4, two-bedroom units and amenities including carport parking and on-site laundry. In-place rents are currently 26 percent below market rates.
The average household income in Whittier is projected to grow by 14 percent to $109,197 by 2023 and the vacancy rate within a one mile radius of the subject property is just 1.15 percent. In addition, approximately 89.7 percent of Whittier residents commute to surrounding cities for employment. Tenaya’s strategic location, in close proximity to Whittier Boulevard, helps to attract renters seeking convenient access to employment hubs.
Given the strong demographics and unique appeal of the subject property, Tenaya is well suited to provide investors with strong returns and value appreciation over the long term investment horizon.