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Nicole Van Parys & Gary Nesen

nicole.vanparys@engelvoelkers.com +1(805) 795-1880

Listed by Han Chen • Growth Investment Group Pasade

$ 5,150,000

Est. payment -/mo

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Active Under Contract

601 North Stoneman Avenue Alhambra, CA 91801

13,436 SqFt

UPDATED:

Key Details

Property Type Single Family Home

Sub Type Apartment

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 13,436 sqft

Price per Sqft $383

MLS Listing ID AR-25169737

Style Mid Century Modern

Year Built 1965

Lot Size 0.334 Acres

Property Sub-Type Apartment

Property Description

Offered for sale for the First Time ever, and with 5.26% CAP Rate, we are proud to present 601 N. Stoneman Ave., Alhambra. A pride-of-ownership very-well-maintained 14-unit value add deal located in north Alhambra and just steps away from downtown Alhambra on Garfield Ave & Main St. First time for Sale ever, the property is situated on a corner lot and adjacent to both San Marino and South Pasadena; yet it provides convenience to tenants due to its strategic location just within minutes to many area amenities like shopping (Costco, Target), Alhambra Park, schools, churches, downtown Alhambra on Main Street, and easy access to FWY 10 and FWY 110 via Fremont Ave. This property offers investors an opportunity to buy a pride-of-ownership apartment that is very easy to manage and rent in the best location of Alhambra. It is located near several new townhouses' subdivisions providing a home-ownership atmosphere for the property. All tenants are on month-to-month rental agreement providing immediate upside on rent increases. The area does not have any local rent control (under California AB1482 rent control). The property is offered at a very attractive actual CAP Rate of 5.26% which is much higher than your typical north Alhambra apartments (competing properties are offering 3.5%-4.5% CAP Rates - buyer to verify). The property is a two-story garden style apartment that was built in 1965. It has a large building size of ?13,436 SF which translates to large average unit size of ?960 SF/unit. It is on a large ?14,548 SF CORNER lot providing excellent visibility from Stoneman Ave and Alhambra Rd. It has an excellent unit mix of one (1) x large 2bed+2bath, two (2) x 2bed+2bath, seven (7) x 2bed+1bath, three (3) x 1bed+1bath, and one (1) x Studio units. Current ownership has kept the property in a top-notch condition and has completed many capital improvements including NEW ROOF, New exterior paint, New electrical subpanels (buyer to verify), SB721 (balcony) inspection completed, termite section-1 clearance completed and updated several units (buyer to verify). The property has a total of 19 covered parking spaces including 1 garage that will be delivered vacant. 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 master water heater (gas). The property has 1 gas meter for the laundry and water heater.

Location

State CA

County Los Angeles

Area 601 - Alhambra

Zoning ALRPD*

Interior

Heating Wall Furnace

Flooring Laminate, Vinyl, Wood

Fireplaces Type Family Room

Laundry Common Area, Community

Exterior

Parking Features Assigned, Covered

Garage Spaces 19.0

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 Corner Lot, Landscaped, Lawn, Level, Level with Street, Lot 10000-19999 Sqft, Near Public Transit, Rectangular Lot, Sprinkler System

Sewer Public Sewer

Nicole Van Parys & Gary Nesen

License Partners, Private Office Advisors | License ID: 01108944

+1(805) 795-1880

Nicole Van Parys & Gary Nesen

601 North Stoneman Avenue Alhambra, CA 91801

Key Details

Location

Interior

Exterior

Building

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601 North Stoneman Avenue