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Alhambra,CA 91801
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 10,911 sqft
Price per Sqft $485
MLS Listing ID 25567995
Bedrooms 22
HOA Y/N No
Year Built 1959
Lot Size 0.338 Acres
Property Description
Situated just two blocks south of the affluent cities of San Marino and South Pasadena, the property benefits from its location in one of the most attractive rental submarkets of the West San Gabriel Valley. Because the property is not subject to local rent control, an investor can increase rents by a greater amount each year, when compared with multifamily investments in Los Angeles and other local cities. With current rents approximately 21% below those of similar neighboring properties, a new owner may be able to add significant value while improving the building's cash flow substantially. Constructed in 1959, the two-story structure surrounds a well-landscaped, quiet courtyard atop a 14,706-square foot lot. The property has been meticulously maintained throughout its ownership, while select units have been renovated with new hardwood floors, new kitchen cabinets, and new ceiling fans. The gated complex includes eight security cameras, several of which are trained on the 16 covered parking spaces. The landlord-owned laundry facilities add an additional revenue stream. The separate gas and electricity meters, pitched roofs, and partial copper plumbing should help to reduce future expenses. Located near the corner of Huntington Drive and Los Robles Avenue, the building sits just across the border from both San Marino and South Pasadena. Being within walking distance of Ralph's, In-N-Out Burger, and the new $130 million Alhambra Place Shopping Center helps to attract tenants. Median home values have increased by 40% since 2020, resulting in increased demand for rental units as residents are priced out of homeownership now that the median single-family home is valued above $1,000,000. Apartment demand in the area is also elevated due to the fact that Alhambra has only added 540 units over the past 30 years. This amount of new development is up to 10 times slower than other communities in the area, and the resulting demand for existing apartments is projected to exert sustained upwards pressure on local rents, benefitting apartment landlords. The property also sits just two miles from the 110 Freeway and two-and-a-half miles from the10 Freeway, affording tenants convenient access to Downtown Los Angeles, Pasadena, and the rest of the San Gabriel Valley.
Location
State CA
County Los Angeles
Area 601 - Alhambra
Zoning ALRPD*
Interior
Fireplace No
Exterior
Parking Features Assigned
Total Parking Spaces 16
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5321020021
Special Listing Condition Standard