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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$4,400,000

Est. payment - /mo

0.37 Acres Lot

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Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID AR26073541

Construction Status Repairs Cosmetic

HOA Y/N No

Year Built 1963

Annual Tax Amount $51,599

Lot Size 0.368 Acres

Property Sub-Type Apartment

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+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.

Location

State CA

County Los Angeles

Area 601 - Alhambra

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Carpet, Vinyl, Wood

Fireplaces Type None

Fireplace No

Appliance Electric Range

Laundry Common Area

Exterior

Parking Features Assigned

Carport Spaces 18

Fence None

Pool None

Community Features Suburban, Valley, Park

Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected

View Y/N No

View None

Roof Type Shingle

Total Parking Spaces 21

Private Pool No

Building

Lot Description Lawn, Landscaped, Level, Near Park, Near Public Transit, Rectangular Lot, Street Level

Faces Northeast

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Architectural Style Traditional

Level or Stories Two

New Construction No

Construction Status Repairs Cosmetic

Others

Senior Community No

Tax ID 5337003027

Energy Description 8803.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

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Listed by Handoko Chen Growth Investment Group Pasade han.chen@growthinvestmentgroup.com, DRE #01749321

NEARBY SCHOOL & BUSINESS

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411 N Chapel Alhambra, CA 91801