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$4,400,000
Est. payment /mo
8 Beds
6 Baths
0.37 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26073541
Bedrooms 8
Lot Size 0.368 Acres
Property Sub-Type Res Income 2-4 Units
Property 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
Location
State CA
County Los Angeles
Zoning Assessor
Direction from Huntington Dr go south on Garfield Ave, then left on Alhambra Road and right on Chapel Ave
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 5337003027
Acceptable Financing Cash
Listing Terms Cash
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Listed by Handoko Chen, DRE#01749321 Growth Investment Group Pasade
Nearby Locations
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