Sold

1427 S Garfield Avenue

Alhambra CA, 91801

$2,251,000


$383.80 per sqft

Sold

11 Beds

6 Baths

5,865 sqft

Residential

Built in 1978

Listed by Colin M. Trent Johnson with Premier Realty Associates 858-277-6173

Recession Proof Investments In highly desirably sub-sector of San Gabriel Valley. Huge price reduction- $350,000- for quick sale. Cash cow, 1427 S Garfield has been completely remodeled, in excellent condition, and generates over $12,600/mo in gross revenue. At current list price, expect NOI of $117,600 in year 1 (5% cap), $124,740 in year 2 (5.5% cap), $137,200 in year 3 (6% cap). Alhambra is a leading San Gabriel Valley city with multi-family properties historically trading between 3.25-3.75% cap. Located in prime Alhambra cross streets of Valley and Garfield, surrounded by popular Chinese restaurants, deserts, cafes, and entertainment. With easy access to 10 freeway, 1427 S Garfield attracts young professionals from Downtown LA, Pasadena, and South Pasadena. The property consists of 5 large units: Unit 1 (front facing) is a large 1800sf 3bd/2ba, with master suite, central air, wrap around kitchen, dining area, and two large living rooms and currently rents for $3250/mo. Units 2, 3, 4, and 5 are approx. 1000sf each, 2bd/1ba and rent for $2350/mo. Owner pays for water and trash only. No local rent control, deferred to state AB1482 only. Three upstairs units have large balconies. The property has been completely rewired for electrical. Total 10 parking spaces, each unit designated 2 spaces. Property built in 1978 meaning no retrofit is required. Future value may be determined best use as commercial, as the property is surrounded by best medical office and retail. Simply collect rent and continue to watch the neighborhood transform. Alhambra School district is an attractive feature for tenants with High School rating of 8/10 measured by GreatSchools.com. Feel safe in knowing you've invested in a city of Alhambra, a premier San Gabriel Valley in Southern California.

23251195

MLS ID

March 15, 2023

Listed

March 23, 2024

Updated

Map

1427 S Garfield Avenue
Alhambra CA, 91801

Interior Features

Total Stories

0


Bedrooms

11 Beds


Bathrooms

6 Baths


Appliances

Dishwasher, Disposal, Microwave, Refrigerator


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Combination

Exterior/Building Features

Lot Size

0.2 Acres


Sewer

Other, Sewer Tap Paid

Other Property Details

Area Name

601 - Alhambra


Days on Market

47


Garage

Yes


Parking

Assigned, Covered, Carport, Detached Carport


Parking Total

10


View

No


County

Los Angeles


Pool

No


Pool Features

None


Zoning

ALRPD*


Buyer Agency Compensation

1.5%

Listing Contact: 858-277-6173 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/23/2024 at 1:14 AM UTC

 

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