Exclusive Listings

17-unit Value Add in Alhambra, Excellent unit mix, Significant Upside!

Address:
1024 S Atlantic Blvd
Alhambra, CA 91803
Price:
$4,900,000
Status:
Available
Type:
Apartment
# Units:
17
Year Built:
1960
Building Size:
13,093 SF
Lot Size:
17,143 SF
CAP Rate:
3.61%
GRM:
16.95x
Price/Unit:
$288,000
Price/SqFt:
$374

INVESTMENT HIGHLIGHTS    

  • Value add apartment in an excellent location in San Gabriel Valley submarket
  • Easy to operate and rent apartment due to its convenient location
  • Classic case of mismanagement where rental income is significantly below market rent
  • Excellent location! Several block from the renown Valley Blvd which provides many amenities such as: restaurants, shopping, public services, and much more
  • 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

  • Excellent unit mix with more than 50% are 2-bedroom and 3-bedroom units
  • Very well-maintained property with excellent curb appeal
  • Excellent frontage on Atlantic Blvd which makes renting units easier
  • Each unit is separately metered for electricity and gas
  • Many windows have been upgraded to double pane windows
  • Units have updated flooring, granite kitchen countertops, mirror closet doors, windows A/C, ceiling fans, and tiled bathroom

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer 1024 S Atlantic Blvd, Alhambra. The property is a 17-unit value-add apartment with significant rental upside potential in a very strong rental market of West San Gabriel Valley. The property is uniquely situated several blocks from the burgeoning and renown Valley Blvd and the recently completed Atlantic Times Square – a local shopping mall complete with AMC Theater.  Due to its convenient location several blocks 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 minutes away from FWY 10 for convenient access to other parts of Los Angeles such as Downtown LA, FWY 710, and FWY 5.   

The property is a garden style apartment that was built in 1960 and situated on a ±17,143 sqft lot. It has center courtyard and offers excellent unit mix of one 3bed+2bath, eight 2bed+1bath, and eight 1bed+1bath units. Most of the tenants are long-time tenants and the current rental income are significantly below market.

Each unit is separately metered for electricity and gas and parking is provided by 17 parking spaces in the back. Most of the units have upgraded double pane windows, windows A/C, wall heating, ceiling fans and other amenities. Many units have an updated flooring with granite kitchen countertops and mirrored closet doors, and tiled bathroom.

LOCATION AND AMENITIES

A diverse urban community welcomes you to the outer Los Angeles area of Southern California. 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

Alhambra Golf Course and Almansor Park unite to create the largest open green space in the city, a wonderful place to get active in the great outdoors. With a beautiful golf course, baseball fields, tennis courts, jogging trails, and playground, this park has something for residents of all ages. The city is renowned for its quality public schools in the Alhambra Unified School District, just one of the many things that make this busy city so family-friendly.




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
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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