Pride-of-Ownership 8-unit in north Alhambra , Over 5% CAP, First Time for Sale Ever

Highlights:

• • Prime Value-add 8-unit in an excellent location several blocks from Downtown Alhambra (Garfield & Main)
• • 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
• • NO LOCAL Rent Control (only CA 1482);
• • Offered more than 5% CAP Rate in Class A Location! Cash Flow from Day-1
• • Strong demographics with an average household income of ±$131,489 within a-mile radius
• • Corner lot location with superb curb appeal
• • Next to brand new townhomes subdivisions; Mid-century modern architecture
• • NEW ROOF, Electrical subpanels upgraded, New Exterior paint, SB721 (balcony) Inspection completed
• • Large building size averaging about ±1001 SF/unit
• • Excellent unit mix with large 3bed, 2bed, and 1 bed units
• • ALL units except 1 have private patio/balcony; 6 units have fireplace, the 3bed unit has 2 private balconies
• • Well-manicured lawn and center courtyard area
• • Overparked with 16 parking spaces
• • Very well-maintained property, No known deferred maintenance!
• • All units separately metered for electricity (all electric unit), shared laundry room

Description:

Offered at 5.10% CAP Rate, and First Time for Sale Ever, Growth Investment Group California is proud to present a 101 E Alhambra Rd., Alhambra. A pride-of-ownership well-maintained 8-unit value add deal located in north Alhambra and just steps away from downtown Alhambra on Garfield Ave & Main St. This is the first time this property is being offered for sale by the same family that built the property! It 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 next to 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 CAP Rate of more than 5%.

The property is a two-story garden style apartment that was built in 1964. It has a large building size of ±8,015 SF which translates to large average unit size of ±1001 SF/unit. It is on a large ±9,600 SF CORNER lot. It has an excellent unit mix of one (1) x large 3bed+2bath, one (1) x 2bed+2bath, one (1) x 2bed+1.75bath, one (1) x 2bed+1bath, and four (4) x 1bed+1bath 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. ALL units except 1 have private patio/balcony; 6 units have fireplace, the 3bed unit has 2 private balconies.

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, and updated several units (buyer to verify).

The property is overparked with a total of 16 parking spaces provided by 9 carport spaces, 3 open spaces, and 4 tandems. There is no parking soft story retrofit requirement in Alhambra. Each unit is separately metered for electricity (all electric unit). There is a shared laundry room (laundry leased) and master water heater (gas). Building 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 City College, Pasadena College, East Los Angeles College, and slightly further away, UCLA.

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