Exclusive Listings

Mixed-use 8-unit Apartment + Retail, Can be delivered 100% vacant

Address:
2401 W Main St
Alhambra, CA 91801
Price:
$3,990,000
Status:
Available
Type:
Apartment
# Units:
11
Year Built:
1925
Building Size:
10,000 SF
Lot Size:
6,140 SF
CAP Rate:
6.20%
GRM:
12.26x
Price/Unit:
$363,000
Price/SqFt:
$399

* CAP RATE is PROFORMA - 2nd floor apartments are 100% vacant

The Growth Investment Group is proud to offer 2401 W Main St, a mixed-use apartment/retail investment property in the City of Alhambra, CA. The property can be delivered 100% vacant (1 retail tenant lease expires Feb 2021) which provides ultimate flexibility to buyer that wants to set their own rental rates or use it as an owner user. The property is situated on Main Street just within walking distance to multiple power centers anchored by Target, Costco Wholesale, Aldi, Joann Fabrics, and other national/regional retailers. It is also within minutes away from Downtown Alhambra on Main St and Garfield Ave. It has an excellent demographics with $103,688 household income within a 1-mile radius

The property is a large two-story building totaling ±10,000 SF building area and situated on a ±6,140 SF lot. It was built in 1925 with Alhambra’s CPD (Commercial Planned Development) zoning. The ground floor is split into 3 retail units and leased to long-time tenants that are month to month. 2nd floor unit has 8 high ceiling apartment units that are 100% vacant. Owner can deliver the building with 3 retail tenants or 100% vacant for new owner to use as an owner user building.

The property has been upgraded recently with many capital improvements, such as new exterior painting and new façade. Almost all the 2nd floor apartment units have been upgraded. The 2nd floor apartments have efficient unit mix of two (2) large x 1bed+1bath and six (6) spacious Studio units. Many of the units have been upgraded with new hardwood/vinyl wood flooring, new granite/quartz kitchen countertops, new kitchen cabinets, new stainless-steel appliances, new tiled bathroom, and glass bathtub sliding doors, new mirrored closets, and new ceiling fans. Several units have original hardwood floor and linoleum kitchen countertops. Each unit is separately metered for electricity and has individual water heater. Each unit has plenty of linen closets.

LOCATION AND AMENITIES

Located near the major destinations in Alhambra (downtown Alhambra, Target, Costco) and within easy access to Pasadena via Fair Oaks Ave and Downtown Los Angeles via FWY 10 or Huntington Drive, this property offers rich amenities location for tenants. The location has 83 walk score and just across the street from Target and Costco shopping centers. Public transports are abundant on Main Street, and entertainment venues (shopping and dining) are just minutes away on Main Street and Garfield Avenue.

A diverse urban community welcomes you to the outer Los Angeles area of Southern California. Situated 8 miles northeast of Downtown LA, Alhambra is a premier destination for a family-friendly lifestyle near one of the nation’s most bustling big cities. Bordering the city of Alhambra is San Gabriel on the east, San Marino and South Pasadena on the north, and Monterey Park on the south. Major freeways include interstate highways 10, 110 and 710. Several quality educational institutions are located nearby, including the California Institute of Technology, California State University at Los Angeles, Pasadena City College, Pasadena College, East Los Angeles College, and slightly further away, UCLA

Alhambra Golf Course and Almansor Park unite to create the largest open green space in the city, a wonderful place to get active in the great outdoors. With a beautiful golf course, baseball fields, tennis courts, jogging trails, and playground, this park has something for residents of all ages. The city is renowned for its quality public schools in the Alhambra Unified School District, just one of the many things that make this busy city so family-friendly.



INVESTMENT HIGHLIGHTS    

  • Value add apartment that can be delivered 100% vacant in an excellent location in Alhambra; Perfect for investment and suitable for an owner-user
  • Excellent location on Main Street across from multiple power centers (Target, Costco, Aldi, etc.)
  • Within walking distance to Downtown Alhambra on Main St and Garfield Ave
  • Easy access to Pasadena and DTLA; Walk Score 83!
  • Excellent demographics with $103,688 household income within a 1-mile radius
  • Strong rental market within low vacancy area
  • Located close to public transits and convenient access to FWY 10, 710, and 5
  • Almost all ground floor retail tenants are long-time tenants that are on month-to-month agreement, Significant rental upside on the retail units
  • All 2nd floor apartment units are 100% vacant – new owner can set their own asking rent and mark it to market
  • Located under California AB1482 Statewide Rent Control, which provides maximum allowable rent increase
  • By renting out 2nd floor apartment units and utilizing full ground floor retail as owner-user space, new owner will be paying low mortgage per SF on the retail side

PROPERTY HIGHLIGHTS

  • Mixed-use building with excellent curb appeal facing Main Street
  • Recently rehabbed property where almost all the apartment units (2nd floor) have been upgraded
  • Easy to manage property with efficient unit mix
  • Building does not have any tuck-under parking; NO soft story retrofit
  • Excellent frontage on Atlantic Blvd which makes renting units easier
  • Upgraded apartment units have new flooring, tiled bathroom, new kitchen countertops, ceiling fans in living room and bedroom, plenty of linen closets
  • Each unit is separately metered for electricity and gas, individual water heater

Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
[email protected]

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: [email protected]
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