Prime 14-unit north Alhambra Value-add Opportunity | First Time for Sale in 32 years | NO Local Rent Control | Walk to Downtown Alhambra | South Pasadena + San Marino Adjacent | Superb Demographics | Outstanding Unit Mix
INVESTMENT HIGHLIGHTS
- Prime Value-Add Opportunity: 14-unit community in a highly desirable North Alhambra location, just blocks from Downtown (Garfield & Main).
- Premium Neighborhood: Situated in one of the best pockets of North Alhambra, directly adjacent to the affluent markets of San Marino and South Pasadena.
- Favorable Rent Control Environment: NO local rent control (subject only to CA AB 1482). Almost all units are currently due for an 8% rent increase, offering immediate upside.
- Rare Generational Asset: First time available for sale in 32 years.
- Excellent Demographics: Strong local tenant base with an average household income of ±$133,999 within a 1-mile radius.
- Exceptional Convenience: Minutes to Target, Costco, Home Depot, LA Fitness, top-rated schools, supermarkets, and popular dining.
PROPERTY HIGHLIGHTS
- Mid-Century Modern Appeal: Built in 1963, featuring excellent curb appeal, a pitched roof, well-manicured lawns, and an inviting center courtyard.
- Spacious Floor Plans: Large building footprint offering an average of ±980 SF per unit. One unit can be delivered vacant.
- Outstanding Unit Mix: Over 71% of the building consists of large 2-bedroom and 3-bedroom layouts.
- Prime Park-Side Living: Located directly across from Story Park, a popular neighborhood destination featuring sports fields, tennis courts, a playground, and an indoor recreation center.
- Upgraded Systems: New electrical subpanels in each unit. All units are separately metered for electricity (all-electric units).
- Ample Parking & Low Maintenance: 21 total parking spaces (18 covered, 2 open, and 1 tandem) for the 14 units. No soft-story parking retrofit required in Alhambra. Shared laundry room (leased equipment) and two master gas water heaters.
EXECUTIVE SUMMARY
Growth Investment Group California is proud to present 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.
LOCATION AMENITIES & ACCESS
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. The property is within walking distance to Costco, Target, and minutes away from Downtown Alhambra on Atlantic & 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. Tenants can enjoy its proximity 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.