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Listed by Eric Chen • CB RICHARD ELLIS
$ 825,000
Est. payment /mo
New
1616 Cherry Lane Alhambra, CA 91803
3 Beds
3 Baths
1,536 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 1,536 sqft
Price per Sqft $537
MLS Listing ID CV-25203576
Bedrooms 3
Full Baths 3
Year Built 1925
Lot Size 5,497 Sqft
Property Sub-Type Triplex
Property Description
We are pleased to present the opportunity to acquire 1616 Cherry Lane, an attractive triplex property located in the highly desirable San Gabriel Valley submarket of Alhambra, California.
Constructed in 1925, the property is situated on a well-maintained ±5,497 square-foot lot with a total building size of ±1,536 square feet. The property is conveniently situated at the cross streets of S Marengo Avenue and Front Street, and is only two blocks from Valley Boulevard, a major neighborhood thoroughfare with numerous retailers, restaurants, and popular stores. The location offers excellent connectivity, with easy access to the 10 and 710 Freeways, and is just minutes from Cal State University, Los Angeles and approximately 8 miles from Downtown Los Angeles. Neighboring cities include Monterey Park and San Gabriel. The property features an ideal unit mix of three 1-bedroom/1-bathroom units, all of which are single-story and ground-level. On-site parking is available via a 2-car garage and a single-car garage. The property has also undergone extensive recent capital improvements, including brand new kitchen cabinetry and countertops, renovated bathrooms, new flooring in select units, new exterior paint, fascia boards, rain gutters, and all windows and security screen doors have been upgraded. These improvements enhance the property's appeal and reduce future capital expenditures for a new owner. This offering presents an exceptional investment opportunity. With a highly attractive going-in cost basis of just $275,000 per unit, the property provides a strategic entry point for investors. Not subject to any local rent control, it offers significant rental upside, with market rents exceeding more than double the current rental income. 1616 Cherry Lane in Alhambra is a bread and butter, residential income producing asset positioned for long-term growth and capital appreciation. The property is well-suited for a variety of investment strategies, for a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
Constructed in 1925, the property is situated on a well-maintained ±5,497 square-foot lot with a total building size of ±1,536 square feet. The property is conveniently situated at the cross streets of S Marengo Avenue and Front Street, and is only two blocks from Valley Boulevard, a major neighborhood thoroughfare with numerous retailers, restaurants, and popular stores. The location offers excellent connectivity, with easy access to the 10 and 710 Freeways, and is just minutes from Cal State University, Los Angeles and approximately 8 miles from Downtown Los Angeles. Neighboring cities include Monterey Park and San Gabriel. The property features an ideal unit mix of three 1-bedroom/1-bathroom units, all of which are single-story and ground-level. On-site parking is available via a 2-car garage and a single-car garage. The property has also undergone extensive recent capital improvements, including brand new kitchen cabinetry and countertops, renovated bathrooms, new flooring in select units, new exterior paint, fascia boards, rain gutters, and all windows and security screen doors have been upgraded. These improvements enhance the property's appeal and reduce future capital expenditures for a new owner. This offering presents an exceptional investment opportunity. With a highly attractive going-in cost basis of just $275,000 per unit, the property provides a strategic entry point for investors. Not subject to any local rent control, it offers significant rental upside, with market rents exceeding more than double the current rental income. 1616 Cherry Lane in Alhambra is a bread and butter, residential income producing asset positioned for long-term growth and capital appreciation. The property is well-suited for a variety of investment strategies, for a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
Location
State CA
County Los Angeles
Area 601 - Alhambra
Zoning ALRPD*
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplaces Type None
Laundry None
Exterior
Garage Spaces 3.0
Pool None
Community Features Curbs, Sidewalks
View Y/N Yes
View Mountain(s)
Building
Lot Description 2-5 Units/Acre
Sewer Public Sewer
Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944