Active Under Contract

411 N Chapel

Alhambra, CA 91801

$4,250,000 $17,918/Mo

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Overview

Bed

Bath

16,022

Sqft(Lot)

Description

Owner for 32 years! Prime 14-unit north Alhambra Value-add Opportunity - NO Local Rent Control | Walk to Downtown Alhambra | South Pasadena + San Marino Adjacent | Superb Demographics | Outstanding Unit Mix. 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, the asset offers a clear path to stabilization at a very attractive 7.12% Proforma CAP Rate (SELF MANAGE). 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.

Property Details

Property Type : ResidentialIncome

Price : $4,250,000

AD Id : 91730822

MLS Id : AR26218487

Beds : 8

Lot Size : 16,022 Sq. Ft

Tax Amount : $51,599

Year Built : 1963

County : Los Angeles

Map

What's Nearby

Nearby Areas

Features

Interior Features

Roof: Shingle

Appliances: ElectricRange

Laundry Features: CommonArea
Heating & Cooling

Has Heating: Yes Heating: WallFurnace Has Cooling: Yes Cooling: WallWindowUnits

Building Information

Year Built: 1963

Building Area Total: 13744

Construction Materials: Stucco

Stories: 2

Pool Features: None

Private Pool: No

View: None

Lot Information

Main Square Feet: 16022 Lot Size Acres: 0.3678 Lot Size Source: Assessor Lot Size Square Feet: 16,022 Lot Description: Lawn,Landscaped,Level,NearPark,NearPublicTransit,RectangularLot,StreetLevel

Listing Price Information

Listing Price: $4250000

Cash, CashToNewLoan

Tax Information

Parcel Number: 5337003027 Tax Lot: 22 Tax Block: C Annual Tax: $51599

Virtual Tour

Virtual Tour (External Link)

Parking Information

Parking Total: 21 Assigned

Utility Information

CableConnected, ElectricityConnected, NaturalGasConnected, PhoneAvailable, SewerConnected, WaterConnected
Location Information

Direction: from Huntington Dr go south on Garfield Ave, then left on Alhambra Road and right on Chapel Ave WaterSource: Public

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