14-unit north Alhambra, First Time for Sale Ever, 5.26% CAP Rate - No Local Rent Control

Highlights:

• Pride-of-Ownership Value-add 14-unit in north Alhambra – walk to Downtown Alhambra, First Time for Sale Ever, ±5.26% CAP Rate Year-1 in a Class A Location, Corner Lot with Excellent Curb Appeal, Excellent unit Mix, New Roof, Electrical Subpanels Upgraded, superbly maintained
• One of the Best Location in Alhambra, north Alhambra, adjacent to both San Marino and South Pasadena
• First Time for Sale Ever! The seller is of the builder’s family that built the property
• Offered at ±5.26% CAP Rate in Class A Location!
• NO LOCAL Rent Control (only CA 1482)
• Strong demographics with an average household income of ±$131,489 within a 1-mile radius
• Corner lot location with superb curb appeal
• Nearby many newer townhouses subdivisions; Mid-century modern architecture
• NEW ROOF, Electrical subpanels upgraded, New Exterior paint, SB721 (balcony) Inspection completed
• Large building size averaging about ±950 SF/unit
• Excellent unit mix with large 3bed, 2bed, and 1 bed unit
• Well-manicured lawn and center courtyard area
• Very well-maintained property, No known deferred maintenance!
• All units separately metered for electricity (all electric unit), shared laundry room, garage parking, Secured entrance

Description:

Offered for sale for the First Time ever, and with 5.26% CAP Rate, Growth Investment Group California is proud to present 601 N. Stoneman Ave., Alhambra. A pride-of-ownership very-well-maintained 14-unit value add deal located in north Alhambra and just steps away from downtown Alhambra on Garfield Ave & Main St. First time for Sale ever, the property is situated on a corner lot 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 a pride-of-ownership apartment that is very easy to manage and rent in the best location of Alhambra. It is located near several new townhouses’ subdivisions providing a home-ownership atmosphere for the property. All tenants are on month-to-month rental agreement providing immediate upside on rent increases. The area does not have any local rent control (under California AB1482 rent control). The property is offered at a very attractive actual CAP Rate of 5.26% which is much higher than your typical north Alhambra apartments (competing properties are offering 3.5%-4.5% CAP Rates – buyer to verify).

The property is a two-story garden style apartment that was built in 1965. It has a large building size of ±13,436 SF which translates to large average unit size of ±960 SF/unit. It is on a large ±14,548 SF CORNER lot providing excellent visibility from Stoneman Ave and Alhambra Rd. It has an excellent unit mix of one (1) x large 2bed+2bath, two (2) x 2bed+2bath, seven (7) x 2bed+1bath, three (3) x 1bed+1bath, and one (1) x Studio units. Most of the units have been somewhat updated with updated flooring and kitchen (buyer to verify). Each unit has through the wall A/C, radiant heating, plenty of linen cabinets, ceiling fans, dining area, and so much more.

Current ownership has kept the property in a top-notch condition and has completed many capital improvements including NEW ROOF, New exterior paint, New electrical subpanels (buyer to verify), SB721 (balcony) inspection completed, termite section-1 clearance completed and updated several units (buyer to verify).

The property has a total of 19 covered parking spaces including 1 garage that will be delivered vacant. There is no parking soft story retrofit requirement in Alhambra. Each unit is separately metered for electricity (all electric units). There is a shared laundry room (laundry leased) and master water heater (gas). The property has 1 gas meter for the laundry and water heater.

LOCATION AMENITIES & ACCESS
The property is strategically located in the north Alhambra area, considered to be one of the best locations in Alhambra. This area is adjacent to the City of South Pasadena and City of San Marino. The property is within walking distance to Costco, Target, and minutes away from Downtown Alhambra on Atlantic & Main which include many restaurants, shopping and entertainment such as: Edwards Alhambra Renaissance 14 & IMAX, Burlington Coat Factory, 38 Degree Ale House & Grill, The Granada LA, and almost all amenities the City of Alhambra has to offer. Tenants can enjoy its proximity to multiple freeways (FWY 10, FWY 710, FWY 110, 210 and FWY 134).

Alhambra is located 8 miles east of Los Angeles. Bordering the city of Alhambra is San Gabriel on the east, San Marino and South Pasadena on the north, and Monterey Park on the south. Major freeways include interstate highways 10, 110 and 710. Several quality educational institutions are located nearby, including the California Institute of Technology, California State University at Los Angeles, Pasadena

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