OFFERING HIGHLIGHTS
- Long time owner since 1974 (49 years!), Significant rental upside
- Several blocks to famed Valley Blvd retail corridor, Alhambra Golf Course, Almansor Court, and a block from Atlantic Blvd.
- Low price per unit compared to other apartments sold in the area in the past 12-months
- Attractive CAP Rate going in with clear upside potential in rents
- Strong demographics with an average household income of ±$91,881 within a-mile radius
- No local rent control ordinance (under California AB1482) - highest allowable rent increase
- Front 3 bedroom+2bathroom house is an owner’s unit and will be delivered vacant at close of escrow.
PROPERTY HIGHLIGHTS
- Excellent Location in central Alhambra, minutes from Almansor Court and Alhambra Golf Course (18-hole)
- Excellent unit mix with large front 3b+2b House, back 2b+1b house, and 1bedroom units
- Owner’s/Front unit is a 3bed+2bed house with attached carport, Central HVAC, fireplace, and In-unit laundry machines.
- The back unit is a 2bed+1bed detached SFR with central HVAC, in-unit laundry machines, fireplace, garage parking, private driveway, EV Charging, and a private backyard.
- Copper plumbing throughout, recently replaced water heaters, individual water heater in each unit.
- Well-maintained apartment with excellent curb appeal, easy to rent location and amenities
- Combination of carport and garage parking
- Owner’s unit (3bed+2bath) will be delivered vacant.
- Separately metered for electricity and gas, individual water heater, and shared laundry room
EXECUTIVE SUMMARY
Growth Investment Group California is proud to present 915 Edith St, Alhambra, a very well located and maintained property in the City of Alhambra. The property has been in the same ownership since 1974 (49 years ownership – current owner is the heir); thus presents a rare opportunity for the right buyer to acquire this beautifully located property in Alhambra with attractive going in CAP Rate. The property is a block from Atlantic Blvd, and several blocks west from Alhambra Golf Course and Almansor Court, providing a rare and excellent amenity for tenants which makes it 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% = 10% maximum increase).
The property consists of 3 buildings that were built in stages (buyer to verify with the city)– 915 Edith A&B was built in 1965, 913 Edith Ave unit A was built in 1935, 913 Edith Ave unit B was built in 1945, and 904 Curtis Ln was built in 1930. It has a total of ±3,828sf building and on a large R3 ±11,849sf lot. It has an excellent unit mix of one (1) x 3bed+2bed house, one (1) x 2bed+1bath house, one (1) x 2bed+1bath, and two (2) x 1bed+1bath units.
It is unique because the front house is a large 3bedroom+2bathroom owner’s unit (will be delivered vacant), and the back house is a SFR with its own address – both are on one lot. The front house is a large 3bedroom+2bathroom unit with a large private lawn, high ceiling in living room, central HVAC unit, fireplace, tiled kitchen. The back house (904 Curtis) has its own driveway and garage parking, central HVAC, fireplace, EV charging, and a private backyard. Plumbing has been upgraded to copper (buyer to verify), and each unit has an individual water heater.
All current tenants are on month-to-month agreement which translates to significant rental upside. 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.
Parking is provided by 4 carports for the front 4 units, 2 car garages and 1 to 2 driveway open space for the back house. There is a shared laundry in the carport area. The building is separately metered for electricity and gas.
LOCATION AMENITIES & ACCESS
The property is strategically located a block from Atlantic Blvd and several blocks from Valley Blvd, 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