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Listed by Han Chen • Growth Investment Group Pasade
$1,580,000
Est. payment /mo
4,226 SqFt
Active
428 N Garfield Avenue Alhambra, CA 91801
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Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,226 sqft
Price per Sqft $373
MLS Listing ID CRAR25046580
HOA Y/N No
Year Built 1963
Lot Size 7,493 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
Close to 7% Proforma CAP Rate. First time for sale for more than ±34 years. A prime 5-unit value add deal located in north Alhambra and just steps away from downtown Alhambra on Garfield Ave & Main St. 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
Location
State CA
County Los Angeles
Interior
Heating Wall Furnace
Flooring Laminate, Carpet, Wood
Fireplace No
Laundry Other
Exterior
View None
Building
Lot Description Level, Other
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