UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 13,744 sqft
Price per Sqft $309
MLS Listing ID AR-26073541
Style Traditional
Year Built 1963
Lot Size 0.368 Acres
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
411 N Chapel Ave., a prime 14-unit value-add apartment community in highly sought-after North Alhambra (NO Local Rent Control). Offered for the first time in 32 years, this property sits just steps from the vibrant dining and entertainment of Downtown Alhambra and across from the popular Story Park. Bordering the premium communities of San Marino and South Pasadena, the location offers tenants unparalleled access to major retail centers, excellent schools, and key transit corridors (I-10 and I-110).
This garden-style community provides investors with a straightforward value-add opportunity that is easy to manage and ready to be taken to the next level. Surrounded by newer townhouse subdivisions that provide a strong home-ownership atmosphere, the property features a stable base of long-term tenants. With no local rent control restrictions and almost all units due or about due for immediate 8% rent increases, the asset offers a clear path to stabilization at a very attractive 6.80% Proforma CAP Rate.
The property is a two-story garden style apartment that was built in 1963. It has a large building size of ±13,744 SF which translates to large average unit size of ±980 SF/unit. It is on a large ±16,018 SF lot crossing Alhambra Rd. It has an excellent unit mix of one (1) x large 3bed+1.5bath, three (3) x 2bed+1.5bath, six (6) x 2bed+1bath, and four (4) x 1bed+1bath units. Each unit has through the wall A/C, radiant heating, plenty of linen cabinets, ceiling fans, dining area, and so much more.
Recent capital improvements including New electrical subpanels in each unit.
The property has a total of 21 parking spaces (18 covered + 2 open + 1 tandem). There is no parking soft story retrofit requirement in Alhambra. Each unit is separately metered for electricity (all electric units). There is a shared laundry room (laundry leased) and 2 master gas water heaters. The property has 1 gas meter for the laundry and water heaters.
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.
Location
State CA
County Los Angeles
Area 601 - Alhambra
Interior
Heating Wall Furnace
Flooring Carpet, Vinyl, Wood
Fireplaces Type None
Laundry Common Area, Community
Exterior
Parking Features Assigned
Pool None
Community Features Suburban, Valley
Utilities Available Sewer Connected, Water Connected, Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available
View Y/N No
View None
Building
Lot Description Landscaped, Lawn, Level, Level with Street, Lot 10000-19999 Sqft, Near Public Transit, Park Nearby, Rectangular Lot
Sewer Public Sewer