428 N Garfield Ave - Apartments FOR SALE


Alhambra, CA 91801
$1,625,000 USD
626-594-4900
428 N Garfield Ave, Alhambra, CA for Sale
$1,625,000 USD
Apartments - FOR SALE
1/40
null | 2.7% Cap Rate

428 N Garfield Ave
Alhambra, CA 91801


HIGHLIGHTS

  • One of the Best Location in Alhambra, north Alhambra, adjacent to both San Marino and South Pasadena
  • Approximately ±80% rental upside potential; NO LOCAL Rent Control (only CA 1482)
  • First Time for sale for ±34 years! Most tenants are month to month tenants.
  • Prime Value-add 5-unit in an excellent location several blocks from Downtown Alhambra (Garfield & Main)
  • The first unit is a large 2bed+1bath+den (±1100 SF - ±1200SF – buyer to verify).
  • Excellent unit mix, Large building (±4226SF) averaging about ±845 SF/unit; Ample parking with 8 parking spaces

OVERVIEW

Growth Investment Group California is proud to present 428 N Garfield Ave, Alhambra. A prime 5-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 being offered for sale for more than ±34years. 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+1bath+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 by 5 carport spaces, 2 tuck-under parking, and 1 garage that is being used as a storage room. There is no parking soft story retrofit requirement in Alhambra. There is a shared laundry room – machines are seller’s own. Each unit is separately metered for electricity and gas. 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).

FOR SALE DETAILS

PRICE

$1,625,000 USD

PRICE/SF

$224 USD /SF

# OF UNITS

5

PRICE/UNIT

$325,000

CAP RATE

2.7%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

5-unit north Alhambra, Owner for ±34years

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,605 SF

ZONING

ALRPD*

APN/PARCEL ID

5337-007-005

ASK ABOUT THIS PROPERTY

Han Widjaja-ChenGrowth Investment Group CaliforniaMore Info
626-594-4900

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Han Widjaja-ChenGrowth Investment Group CaliforniaMore Info
626-594-4900

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.