601 N Stoneman Avenue

Alhambra, CA 91801

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.

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. The 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.