8 Unit Apartment Building For Sale
1137-1141 S Garfield Ave, Alhambra CA 91801

Property Details

Address
1137 -1141 S Garfield Ave Alhambra CA 91801
Price
$3,000,000
# of Units
8
Status
Available
Building Size
6,672
Price/Unit
$375,000
CAP Rate
1.50%
Year Built
1941
GRM
28.89
Type
Apartment
Lot Size
15,202
Price/SF
$450

Property Information

CAP RATE and GRM stated are PROFORMA

This sale is part of portfolio sale with 10522-528 E Live Oak Ave, Arcadia. Each property in this portfolio can be purchased together or individually.

INVESTMENT HIGHLIGHTS

First time offered for sale since 1981 (37 years)!
True Value-Add opportunity with ALL long-time tenants and an estimated ±63% rental upside potential
Excellent location! A block from the renown Valley Blvd which provides many amenities such as: restaurants, shopping, public services, and much more
Two separate parcels (4-units each) that can be purchased together or separately
Easy to operate and rent apartment due to its convenient location
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 four 2-bedroom and four 1-bedroom units
Very well-maintained property with excellent curb appeal
Four units are single-story units with large common area
Excellent frontage on Garfield Blvd which makes renting units easier
Large unit sizes with good floor plans, laundry hookups in each unit
Each unit is separately metered for electricity and gas
Secured detached garage parking in the back; NO SOFT STORY retrofit is required!
Easy to maintain and easy to rent apartment units due to its superb location and settings

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer 1137-1141 S Garfield Ave: two value-add, well-maintained, 4-unit apartment buildings located in the highly-desirable city of Alhambra, California. The property has been in the same ownership since 1981 and this is the first time it is being offered for sale. It is in a strategic location just a block away from the renown Valley Blvd retail corridor. Each of the units are rented to long-time tenants on a month-to-month basis for significantly-below market rents. This offering provides an excellent and true value-add opportunity for investors by adjusting rents to market.

The property consists of 2 parcels, each of which is a 4-unit apartment. Each building is a 1-1/2 story garden style apartment with center courtyard that offers clean and attractive curb appeal. It has large manicured landscaping and mature trees. Both buildings were built in 1941 with total combined ±6,672 sqft living space on a total ±15,202 sqft lot size. Each unit is separately metered for electricity and gas and parking is provided by 8 detached garage parking accessible from the alley. The property offers excellent unit mix with 4 x 2bedroom+1bathroom and 4 x 1bedroom+1bathroom. Each unit is large and spacious with an average unit size of ±834 sqft (buyer to verify during inspection) complete with laundry hookups.

Due to its convenient location a block away 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. It is within minutes from Downtown Alhambra (Garfield Ave & Main Street), public schools, and other amenities.

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.

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