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