Property Detail

Description

Offered for sale for the First Time ever, and with 5.26% CAP Rate, we are proud to present 601 N. Stoneman Ave., Alhambra. A pride-of-ownership very-well-maintained 14-unit value add deal located in north Alhambra and just steps away from downtown Alhambra on Garfield Ave & Main St. First time for Sale ever, the property is situated on a corner lot 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. This property offers investors an opportunity to buy a pride-of-ownership apartment that is very easy to manage and rent in the best location of Alhambra. It is located near several new townhouses subdivisions providing a home-ownership atmosphere for the property. All tenants are on month-to-month rental agreement providing immediate upside on rent increases. The area does not have any local rent control (under California AB1482 rent control). The property is offered at a very attractive actual CAP Rate of 5.26% which is much higher than your typical north Alhambra apartments (competing properties are offering 3.5%-4.5% CAP Rates buyer to verify). The property is a two-story garden style apartment that was built in 1965. It has a large building size of 13,436 SF which translates to large average unit size of 960 SF/unit. It is on a large 14,548 SF CORNER lot providing excellent visibility from Stoneman Ave and Alha