Exclusive Listings

8-unit Prime Value Add across from Alhambra Golf Course, First time for sale since 1971

Address:
701 S Almansor St
Alhambra, CA 91801
Price:
$2,638,000
Status:
In-Contract
Type:
Apartment
# Units:
8
Year Built:
1953
Building Size:
5,152 SF
Lot Size:
9,496 SF
CAP Rate:
2.80%
GRM:
20.76x
Price/Unit:
$329,800
Price/SqFt:
$512

Growth Investment Group is proud to present 701 S Almansor St, a two-story well maintained and well-located property in a highly desirable City of Alhambra. The property has been in the same ownership since 1971 (51 years ownership); thus present a rare opportunity for the right buyer to acquire this beautifully located property in Alhambra. The property is located right across from Alhambra Golf Course and Almansor Court, providing a rare and excellent amenity for tenants which makes it a very easy to rent and operate property. It is located minutes away from Downtown Alhambra on Main Street, and Valley Blvd retail corridor. There is no local rent control which allows maximum rent increase under AB1482 (CPI + 5% = currently 10% maximum increase).

 

The property is a garden style two-story apartment that was built in 1953, has a total of ±5,152sf building and situated on a ±9,496sf corner lot. It has good unit mix of two (2) 2bedroom+1bathroom, and six (6) 1bedroom+1bathroom. All the units are original/non-updated which provides good opportunity for buyer to do their own rehab program on future turnover. The 2-bedroom units are spacious with many windows, and the ground floor 2bed unit has large private backyard (±300sf).

All current tenants are on month-to-month agreement and have not had rent increase for the past several years, which translates to significant rental upside. Two units are vacant and will be delivered vacant at close of escrow.

 

It is situated on a quiet residential street in Alhambra, 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.

 

The property has 2 carports in the back providing a total of 10 parking spaces (8 carport + 2 open space). It has shared laundry room. The building is separately metered for electricity and gas.

 

LOCATION AMENITIES & ACCESS

The property is strategically located across from Alhambra Golf Course and Almansor Court with great access to Downtown Alhambra on Garfield & 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.  It is within minutes from Valley Blvd Retail corridor. This area is adjacent to the City of South Pasadena and City of San Marino. It offers great access 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



HIGHLIGHTS

  • First time for sale since 1971 (51 years ownership)
  • Last rent increases were done ±7-8 years ago – significant rental upside
  • Excellent Location in Alhambra, right across the street from Almansor Court and Alhambra Golf Course (18-hole)
  • Several blocks to famed Valley Blvd retail corridor and downtown Alhambra on Main Street
  • Low price per unit compared to other apartments sold in the area in the past 12 months
  • Strong demographics with an average household income of ±$91,881 within a-mile radius
  • Good unit mix, 2 units will be delivered vacant
  • No local rent control ordinance (under California AB1482) - highest allowable rent increase

 

PROPERTY HIGHLIGHTS

  • Corner lot with excellent visibility and location
  • Well-maintained apartment with excellent curb appeal, easy to rent location and amenities
  • One of the 2bed unit has large private backyard
  • Two-bedroom units are spacious and large with many windows
  • Ample carport parking with 2 extra spaces that could be converted into ADU (buyer to verify)
  • Two (2) units are vacant and can be delivered vacant
  • Separately metered for electricity and gas, shared laundry room, master water heater
  • 10 parking spaces, no parking soft-story retrofit is required

Marketing Files


Due Diligence


Broker Contact

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

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