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$ 1,580,000
Est. payment /mo
New
428 N Garfield Avenue Alhambra, CA 91801
5 Beds
4 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR25171707
Bedrooms 5
Property Sub-Type Res Income 2-4 Units
Property Description
Close to 7% Proforma CAP Rate. First time for sale for more than 34 years. A prime 5-unit value add deal located in north Alhambra and just steps away from downtown Alhambra on Garfield Ave & Main St. It is situated on Garfield Ave and adjacent to both San Marino and South Pasadena; yet it provides convenience to tenants due to its strategic location just within minutes to many area amenities like shopping (Costco, Target), Alhambra Park, schools, churches, downtown Alhambra on Main Street, and easy access to FWY 10 and FWY 110 via Fremont Ave. This property offers investors an opportunity to buy an easy to manage and rent apartment in the best location of Alhambra. Most tenants are on month-to-month rental agreement providing immediate upside on rent increases. The area does not have any local rent control (it is under California AB1482 rent control). The property is a two-story garden style apartment that was built in 1963. It has an unusual large building size of 4,226 SF which translates to large average unit size of 845 SF/unit. It is on a large 7,490 SF lot. It has an excellent unit mix of one (1) x large 2bed+1.5bath+den, two (2) x 2bed+1bath, and two (2) x 1bed+1bath units. The 2bed+1bath+den is an unusually large 1100-1200SF unit (buyer to verify). Some of the unit(s) have updated flooring. The kitchen and bathroom are not upgraded. Most of the units are well maintained. The current income is estimated 80% below market (buyer to verify), thus providing an attractive investment for a savvy multifamily investor. The property has a total of 8 parking spaces provided b
Location
State CA
County Los Angeles
Zoning Assessor
Direction Huntington Dr go south on Garfield Ave, after Alhambra Rd building is on the left hand side
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 5337007005
Virtual Tour https://growthinvestmentgroup.com/listingdetail.aspx?pid=10476
Listed by Han Chen Growth Investment Group Pasade
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