Alhambra, CA 91801,428 N Garfield AVE
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Alhambra, CA 91801,428 N Garfield AVE
Alhambra, CA 91801,428 N Garfield AVE
Alhambra, CA 91801,428 N Garfield AVE
Alhambra, CA 91801,428 N Garfield AVE
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428 N Garfield AVE Alhambra, CA 91801


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Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID AR25046580

HOA Y/N No

Year Built 1963

Lot Size 7,492 Sqft

Property Sub-Type Apartment

Property Description

A prime 5-unit value add deal located in north Alhambra and just steps away from downtown Alhambra on Garfield Ave & Main St. This is the first time this property being offered for sale for more than ±34years. 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 unit(s) have updated flooring. The kitchen and bathroom are not upgraded. Most of the units are well maintained. The current income is estimated ±80% below market (buyer to verify), thus providing an attractive investment for a savvy multifamily investor.

The property has a total of 8 parking spaces provided by 5 carport spaces, 2 tuck-under parking, and 1 garage that is being used as a storage room. There is no parking soft story retrofit requirement in Alhambra. There is a shared laundry room – machines are seller's own. Each unit is separately metered for electricity and gas.

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 on Atlantic & Main which include many restaurants, shopping and entertainment such as: Edwards Alhambra Renaissance 14 & IMAX, Burlington Coat Factory, 38 Degree Ale House & Grill, The Granada LA, and almost all amenities the City of Alhambra has to offer.

Location

State CA

County Los Angeles

Area 601 - Alhambra

Zoning ALRPD*

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Carpet, Laminate, Wood

Fireplaces Type Family Room

Fireplace Yes

Appliance Gas Range

Laundry Common Area

Exterior

Parking Features Assigned

Garage Spaces 1.0

Carport Spaces 7

Garage Description 1.0

Fence None

Pool None

Community Features Valley

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

View Y/N No

View None

Roof Type Asbestos Shingle

Accessibility None

Total Parking Spaces 8

Private Pool No

Building

Lot Description Near Public Transit, Rectangular Lot, Street Level

Faces Southwest

Story 2

Entry Level Two

Foundation Raised

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5337007005

Energy Description 216.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard


California Regional MLS (CRMLS)
Listed by Han Chen • Growth Investment Group Pasade • han.chen@growthinvestmentgroup.com
agent

Nicole Darwin

Advisor

+1(707) 330-4357

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428 N Garfield AVE