101 E Alhambra Road, Alhambra, CA 91801 (MLS # AR25134597)

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PRICE $2,800,000 BEDS 0 BATHS 0 HOME SIZE 8,015 sqft LOT SIZE 9,605 sqft Request More Info Schedule a Showing

Prime Value-add 8-unit in north Alhambra - walk to Downtown Alhambra, First Time for Sale Since 1972, Corner Lot with Superb Curb Appeal, Excellent unit Mix and Cash Flow. 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 since 1972! 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 close to 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. Four units have private patio/balcony and fireplaces (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).