221 N Bushnell Ave & 1620 Larch St
Multifamily | 40 Units | $282,500/unit
Marketing description
CBRE is pleased to exclusively present 221 N Bushnell Avenue & 1620 Larch Street, a rare opportunity to acquire a 40-unit, campus-format multifamily property in the heart of central Alhambra. Spanning four two-story, garden-style buildings on a contiguous 1.27-acre site, the property delivers the kind of established residential character and operational scale that is rarely available in today's San Gabriel Valley market.
The campus sits along some of Alhambra's most attractive residential streetscape, with mature tree canopy, well-maintained landscaping, and open grassed common areas that give the property a quiet, neighborhood feel that tenants consistently respond to. The unit mix is predominantly one-bedroom product, sized and positioned for the broad, stable renter base that has made Alhambra one of the most consistently occupied multifamily submarkets in the SGV, where vacancy stands at 5.1%.
In-place rents across the portfolio are below current market levels, presenting a straightforward path to improved income through natural turnover with no extensive capital outlay. Alhambra has no local rent stabilization ordinance, meaning each vacancy resets to full market rate under AB 1482 with no cap on new lease rates. The upside is built in and captures itself over time.
Located minutes from the Metro A Line, direct freeway access to Downtown Los Angeles, Pasadena, and the broader SGV employment base, and within walking distance of the Atlantic and Garfield retail corridors, the property draws from one of the deepest and most diverse renter pools in Los Angeles County. Valley Boulevard, Alhambra's celebrated dining and cultural corridor, is moments away and continues to attract residents and visitors from across the region.
For investors seeking a stabilized, income-producing asset with embedded upside, a landlord-friendly regulatory environment, and a location that has proven itself across multiple market cycles, 221 N Bushnell Avenue & 1620 Larch Street presents a rarely offered and clear opportunity.
Investment highlights
- NO LOCAL RENT CONTROL - Alhambra operates under AB 1482 only. There is no local rent stabilization ordinance, no just-cause eviction overlay beyond state law, and no regulatory ceiling on rents set for incoming tenants. Each turnover captures the full spread between in-place and market rent, with no friction and no ceiling. In a submarket this active and this liquid, that regulatory clarity is a meaningful part of the investment thesis.
- BUILT-IN UPSIDE, NO CAPITAL REQUIRED - In-place rents across the portfolio sit below current market across every unit type. The gap closes through natural turnover with no renovation budget, no repositioning risk, and no execution complexity. The asset is stabilized and performing today. The upside is structural, not speculative, and it captures itself over time without the investor lifting a finger beyond professional management.
- RARE SCALE AT AN ATTRACTIVE BASIS - Four building layout on two parcels with 40 units and 1:1 parking. The SGV multifamily market transacts predominantly in the 10-20 unit range. A campus-format asset of this size in Alhambra, at this basis, gives a buyer day-one operational scale, management efficiency, and an exit profile that attracts a fundamentally different and broader buyer pool than a smaller asset can command.
- A LOCATION THAT TENANTS CHOOSE AND STAY - The property sits on quiet, tree-lined residential streets in central Alhambra, within reach of the Metro A Line, four major freeways, and the retail and dining corridors along Atlantic and Garfield. Valley Boulevard, one of the SGV's most celebrated dining destinations, is minutes away. Bolstered by the highly rated Alhambra Unified School District, consistently earning an overall "A" grade on Niche, this is the kind of location that draws stable, long-tenure renters who renew, not the transient profile that erodes cash flow.
- A MARKET HEADING IN THE RIGHT DIRECTION - The Los Angeles multifamily construction pipeline is contracting. New supply in built-out SGV submarkets like Alhambra is structurally constrained by land availability and development economics, meaning existing, well-located stock benefits from a supply dynamic that is only getting more favorable. The SGV's 5.1% vacancy rate underscores the same story from the demand side. Alhambra has consistently traded with deep buyer liquidity across market cycles, and that liquidity supports both entry pricing and exit confidence for a buyer underwriting today.
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