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About the Listing 31317 - AR45550
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+1bath units. Each unit has through the wall A/C, radiant heating, plenty of linen cabinets, ceiling fans, dining area, and so much more. Recent capital improvements including New electrical subpanels in each unit. The property has a total of 21 parking spaces (18 covered + 2 open + 1 tandem). There is no parking soft story retrofit requirement in Alhambra. Each unit is separately metered for electricity (all electric units). There is a shared laundry room (laundry leased) and 2 master gas water heaters. The property has 1 gas meter for the laundry and water heaters. The property is strategically located in the north Alhambra area, considered to be one of the best locations in Alhambra. This area is adjacent to the City of South Pasadena and City of San Marino. The property is within walking distance to Costco, Target, and minutes away from Downtown Alhambra.
Listing Highlights
Status
Active
Days on Site
44
Property Type
Multi-Family
MLS ®
AR26073541
Year Built
1963
Total Square Footage
13,744
Lot/Acreage
0.37
County
Los Angeles
Area
601 - Alhambra
Interior Details
- Bedrooms: 8
- Bathrooms: 6 Full
- Appliances: Electric Range
- Air Cond: Wall/Window Unit(s)
- Heating: Wall Furnace
- Fireplaces:
- Floor: Carpet,Vinyl,Wood
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Lawn,Landscaped,Level,Near Park,Near Public Transit,Rectangular Lot,Street Level,No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 21
- Roof: Shingle
- Others: Repairs Cosmetic,Stucco,2+ Total Units
- Sewer: Public Sewer
- Parking Features: Assigned
Financial Details
- Tax Amount: $51,599
- Taxes w/Assessments: N/A
- Tax/Property ID: 5337003027
- Tax Year: N/A
Payment Calculator
Monthly Payment
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Questions About..
411 N Chapel Alhambra, CA 91801
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