Exclusive Listings

FIRE SALE! Reduced by $600k, 14-units Value Add in Prime Alhambra!

Address:
1715 S 5th St
Alhambra, CA 91803
Price:
$4,290,000
Status:
Sold
Type:
Apartment
# Units:
14
Year Built:
1966
Building Size:
13,303 SF
Lot Size:
15,458 SF
CAP Rate:
3.98%
GRM:
16.96x
Price/Unit:
$306,000
Price/SqFt:
$322

SELLER MOTIVATED! NEED ALL CASH BUYER THAT CAN CLOSE BEFORE JUNE 14th, 2019.

INVESTMENT HIGHLIGHTS         

  • Excellent location! Two blocks from Valley Boulevard retail corridor
  • Value-Add opportunity in a strong rental market with plenty of amenities; 6 units have been upgraded
  • Low vacancy history due to its prime and convenient location
  • Located close to public transits and convenient access to FWY 10, 710, and 5
  • Conveniently located within minutes’ drive from Cal State Los Angeles, Downtown Alhambra, Alhambra Golf Course, Almansor Park, Atlantic Times Square, and offers excellent access to Downtown Los Angeles via FWY 10

PROPERTY HIGHLIGHTS

  • Very well-maintained property with excellent curb appeal in a quiet residential neighborhood
  • Excellent unit mix with mostly 2-bedroom units
  • Large units with good layout and private balcony/patio in some units
  • Front unit (unit A) is a large ±2,000sqft unit with en-suite bathroom, walk-in closets, custom bathroom, tile-to-floor linen cabinets
  • Four units have private balcony/patio, five units have upgraded flooring
  • Secured entrance with garage parking
  • Ample parking with 20 spaces and storage cabinets
  • Easy to maintain and easy to rent apartment units due to its superb location and settings
  • Each unit is separately metered for electricity and gas

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer LE CHATEAU – 1715 S 5th St., an attractive 14-unit NON-rent-control value-add apartment community located in the desirable City of Alhambra, CA. The property is in a very desirable location just 2 blocks south of Valley Boulevard retail corridor and one block from Alhambra elementary school. Tenants are long-time tenants and rental income are significantly below market. This provides an excellent value-add opportunity for investors by adjusting rents to market. The property has very low vacancy history due to its convenient and strategic location.

The property is a two-story well-maintained garden style apartment that was built in 1966. It has a large living area of 13,303 sqft (average ±950 sqft per unit) and situated on a 15,458 sqft lot. It has secured entrance and garage parking. It offers an entryway with central garden area complete with water fountain and lush landscaping.

It offers an excellent unit mix of three (3) x 2bedroom+2bathroom, seven (7) x 2bedroom+1bathroom, three (3) x 1bedroom+1bathroom, and one (1) x studio units. The front unit is an oversized 2bedroom+2bathroom unit (estimated size: ±2,000 sqft) complete with hardwood floor, custom color paint, built-in cabinetry, floor-to-ceiling linen closets, walk-in closets, en-suite bathroom, fireplace, and private patio. Other units are large with good layout and plenty of storage cabinets, windows A/C, wall heating, tiled bathroom and kitchen. Four units have private balcony/patio area. Five units have been updated with new hardwood flooring.

Parking is provided by a secured garage parking with 20 spaces (2 are tandem) complete with storage cabinets for each space. Each unit is separately metered for electricity and gas. The property has master water heater.

LOCATION AND AMENITIES

Due to its convenient location two blocks away from Valley Blvd, this property provides excellent access to myriad of restaurants, shopping, and most of the amenities the City of Alhambra has to offer. It is also close to many public transportations and is just one block from FWY 10 for convenient access to other parts of Los Angeles such as Downtown LA, FWY 710, and FWY 5. It is within minutes from Downtown Alhambra (Garfield Ave & Main Street), public schools, and other amenities.

Situated 8 miles northeast of Downtown LA, Alhambra is a premier destination for a family-friendly lifestyle near one of the nation’s most bustling big cities. Bordering the city of Alhambra is San Gabriel on the east, San Marino and South Pasadena on the north, and Monterey Park on the south. Major freeways include interstate highways 10, 110 and 710. Several quality educational institutions are located nearby, including the California Institute of Technology, California State University at Los Angeles, Pasadena City College, Pasadena College, East Los Angeles College, and slightly further away, UCLA

The city has a rich and storied history and the intersection between Main Street and Garfield Ave has been a center of commerce since 1895. The city is also very diverse and has seen an influx of Chinese Americans since the 1980s.  As a result, a very active Chinese business district has developed on Valley Blvd, including supermarkets, restaurants, shops, banks, and medical offices. Nearby amenities include Edwards Renaissance Theater, LA Fitness, The Boiling Crab, Gen Korean BBQ, Azul Bar & Nightclub, Starbucks, Smart & Final, and CVS are just a few of the many conveniences that are within minutes from the property. Car dealerships are also the largest contributor to the local economy and many car brands such as BMW, Toyota, Honda, Nissan, and Chrysler can also mostly be found on Main Street.




Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
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