INVESTMENT HIGHLIGHTS
- First time offered for sale by the original developer!
- Core north Alhambra location adjacent to South Pasadena and San Marino (considered the best part of Alhambra)
- Value-Add opportunity with an estimated ±21% rental upside potential
- Five blocks from downtown Alhambra (Garfield and Main)
- Amenities nearby: Edwards Alhambra Renaissance 14 & IMAX, Burlington Coat Factory, 38 Degree Ale House & Grill, and The Granada LA.
- Strong demographics with an average household income of ±$112,253 within a-mile radius
- Located close to public transits and convenient access to FWY 10, 710, 110, 210 & 134
PROPERTY HIGHLIGHTS
- Townhouse style apartment built in 1987 with all amenities and features of newer built properties
- Easy to rent, maintain and operate apartment property due to its year built and unit mix
- Outstanding unit mix with four (4) Townhouse style units and one (1) Studio (non-conforming)
- Each unit has central A/C, copper plumbing, fire sprinkler system, and much more!
- Each unit is separately metered for electricity and gas; individual water heater
- Large unit size with average unit size of ±1,240 SF
- Total of 10 parking spaces with attached two car garages for each unit
- Several units have updated flooring
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer 902 N Garfield, an extremely well maintained 5-unit townhouse style apartment building located in the highly desirable city of Alhambra, California. This core north Alhambra location are considered by many investors as one of the best locations to own income property in Alhambra. Its superb location is bordered by San Marino on its east, and South Pasadena on its west. It is five blocks from downtown Alhambra on Garfield Ave and Main St.
This is the first time this property has been offered for sale by the original developer who built it in 1987. This unique income property has all the desirable features perfect for any value-add investor looking to acquire an apartment property and maximize its income potential. With excellent location, Buyers can quickly add value and increase the income (rent increase is capped at 5% + CPI as per CA AB1482).
The property was built in 1987 with ±6,203 SF living area on a ±7,189 SF lot. It offers superb unit mix of one x 5bedroom+2-1/2bathroom townhouse style, three x 3bedroom+2-1/2bathroom townhouse style, and one x studio units. It has a perfectly manicured landscaping that provides an excellent curb appeal. It has copper plumbing, central A/C, copper electrical wire, fire sprinklers in each unit and garage, and other newer construction amenities.
Each unit boasts a spacious layout containing large square footage (average unit size is ±1240 SF – buyer to verify). Each unit has central A/C, fire sprinkler system, tiled and laminate wood flooring throughout, copper plumbing, individual water heater, and much more. Each unit (except studio unit) has laundry hookups. Each unit has an attached 2-car garage with sliding doors and remote openers (except the 5th garage). In every unit has a kitchen greenhouse window as a bonus that all the tenants enjoy. The property is separately metered for electricity and gas.
LOCATION AMENITIES AND ACCESS
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 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, and The Granada LA. It is minutes away from Costco, Target and almost all amenities the City of Alhambra has to offer. Tenants can enjoy its proximity to multiple freeways (FWY 10, FWY 710, FWY 110, 210 and FWY 134).
Alhambra is located 8 miles east of Los Angeles. 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