Listed by Growth Investment Group
$4,400,000
NO Local Rent Control - 14-unit Value-add NORTH ALHAMBRA
Details
APN 5337003027
Property Type Multifamily
Sub Type Apartment Building
Square Footage 13,744
Net Rentable (SqFt) 13,744
Units 14
Cap Rate 4.46%
NOI $196,450
Occupancy 95%
Pro-Forma Cap Rate 6.8%
Pro-Forma NOI $299,028
Price per SqFt $320
Broker Co-Op Yes
Class C
Year Built 1963
Buildings 1
Stories 2
Acreage 0.368
Zoning Assessor
Parking Spaces 21 spaces
Parking Per SqFt 1.53
Investment Type Value Add
Ground Lease No
Ownership Fee Simple
Multifamily | 14 Units | $314,286/unit
Marketing description
First Time for Sale in 32 years - Prime 14-unit north Alhambra Value-add Opportunity - NO Local Rent Control | Walk to Downtown Alhambra | South Pasadena + San Marino Adjacent | Superb Demographics | Outstanding Unit Mix. 411 N Chapel Ave., a prime 14-unit value-add apartment community in highly sought-after North Alhambra (NO Local Rent Control). Offered for the first time in 32 years, this property sits just steps from the vibrant dining and entertainment of Downtown Alhambra and across from the popular Story Park. Bordering the premium communities of San Marino and South Pasadena, the location offers tenants unparalleled access to major retail centers, excellent schools, and key transit corridors (I-10 and I-110). This garden-style community provides investors with a straightforward value-add opportunity that is easy to manage and ready to be taken to the next level. Surrounded by newer townhouse subdivisions that provide a strong home-ownership atmosphere, the property features a stable base of long-term tenants. With no local rent control restrictions and almost all units due or about due for immediate 8% rent increases, the asset offers a clear path to stabilization at a very attractive 6.80% Proforma CAP Rate. The property is a two-story garden style apartment that was built in 1963. It has a large building size of 13,744 SF which translates to large average unit size of 980 SF/unit. It is on a large 16,018 SF lot crossing Alhambra Rd. It has an excellent unit mix of one (1) x large 3bed+1.5bath, three (3) x 2bed+1.5bath, six (6) x 2bed+1bath, and four (4) x 1bed+1ba
Investment highlights
INVESTMENT HIGHLIGHTS
- Prime Value-Add Opportunity: 14-unit community in a highly desirable North Alhambra location, just blocks from Downtown (Garfield & Main).
- Premium Neighborhood: Situated in one of the best pockets of North Alhambra, directly adjacent to the affluent markets of San Marino and South Pasadena.
- Favorable Rent Control Environment: NO local rent control (subject only to CA AB 1482). Almost all units are currently due for an 8% rent increase, offering immediate upside.
- Rare Generational Asset: First time available for sale in 32 years.
- Excellent Demographics: Strong local tenant base with an average household income of ±$133,999 within a 1-mile radius.
- Exceptional Convenience: Minutes to Target, Costco, Home Depot, LA Fitness, top-rated schools, supermarkets, and popular dining.
PROPERTY HIGHLIGHTS
- Mid-Century Modern Appeal: Built in 1963, featuring excellent curb appeal, a pitched roof, well-manicured lawns, and an inviting center courtyard.
- Spacious Floor Plans: Large building footprint offering an average of ±980 SF per unit. One unit can be delivered vacant.
- Outstanding Unit Mix: Over 71% of the building consists of large 2-bedroom and 3-bedroom layouts.
- Prime Park-Side Living: Located directly across from Story Park, a popular neighborhood destination featuring sports fields, tennis courts, a playground, and an indoor recreation center.
- Upgraded Systems: New electrical subpanels in each unit. All units are separately metered for electricity (all-electric units).
- Ample Parking & Low Maintenance: 21 total parking spaces (18 covered, 2 open, and 1 tandem) for the 14 units. No soft-story parking retrofit required in Alhambra. Shared laundry room (leased equipment) and two master gas water heaters.
Listing Contacts
Listed by Growth Investment Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$196,450.00
$16,370.83/mo
Valuation Metrics
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DSCR
4.46%
Cap Rate
4.46%
ROI
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