INVESTMENT HIGHLIGHTS
- Best Location in Alhambra, north Alhambra, adjacent to both San Marino and South Pasadena
- Charming, single-story, bungalow-style design; Two duplexes layout with detached garage in the back
- Last Appraised for $1.7million in June 2023 (appraisal report ready – was in escrow for $2milllion in June 2023) – Buyer to Verify!
- All units have been upgraded in some ways, two units have in-unit laundry machines (machines come with the sale)
- Recent CAPEX completed: new roof in back duplex (October 2023), new beautiful drought tolerant landscaping (front), new exterior paint in back buildings + garage, complete upgrade for unit 314
- Strong demographics with an average household income of ±$105,805 within a-mile radius
- Walk Score 79 (very walkable) location
- Minutes to Target, Costco, Home Depot, LA Fitness, excellent schools, supermarkets, and restaurants
- 6 total parking spaces including 2 detached garages, no soft story retrofit required!
- All units separately metered for electricity and gas
- Excellent access to FWY 10, FWY 710 and FWY 110
EXECUTIVE SUMMARY
Disclosure: Latest appraisal report (as of June 2023) valued the property at $1.7million (was in escrow for $2million in June 2023 - report available for qualified buyer).
Growth Investment Group California is proud to present 312 N Primrose Ave, Alhambra. It is a single-story bungalow style fourplex located in the best location of Alhambra. It is situated on a quiet residential street in north Alhambra, 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 offering provides investor with opportunity to buy an easy to manage and rent apartment investments in the best location of Alhambra. The property has undergone many capital improvements, most recent ones are new roof for back duplex (October 2023), new drought tolerant landscaping (front lawn) and new exterior paint (back duplex + garage).
The building consists of two duplexes. The front duplex consists of two x 1bedroom+1bathroom bungalow style units. Each unit comes with in-unit laundry machines (seller provided). One of the front units (#312) has been partially upgraded with luxury vinyl wood flooring, quartz kitchen countertops, new kitchen, recessed lightings, and new laundry machines (come with the property). The other front unit (#314) has been fully upgraded with new kitchen, new flooring, new stainless-steel appliances, in-unit laundry machines, new A/C, new windows, etc.
The back duplex consists of one x 1bedroom+1bathroom, and one x studio. Both back units have been completely upgraded with new flooring, new kitchen (cabinets and quartz countertops), recessed lightings, and mini split A/C and heating units. These back 2 units do not have any laundry hookups and there is no laundry facility in the building (new owner can create laundry facility in one of the storage spaces).
The property has a detached garage which provides 2 parking spaces and 2 storage spaces. There are 4 additional striped parking spaces in front of the garage. The 1 detached garage spaces are being used as storage spaces by tenant – the other 1 garage space are rented on month to month basis by one of the new tenant. The building is separately metered for electricity and gas.
LOCATION AMENITIES & ACCESS
The property is strategically located in the north Alhambra area, considered to be one of the best locations in Alhambra. This area is adjacent to the City of South Pasadena and City of San Marino. The property is within walking distance to Costco, Target, and minutes away from Downtown Alhambra on Atlantic & Main which include many restaurants, shopping and entertainment such as: Edwards Alhambra Renaissance 14 & IMAX, Burlington Coat Factory, 38 Degree Ale House & Grill, The Granada LA, and almost all amenities the City of Alhambra has to offer. Tenants can enjoy its proximity to multiple freeways (FWY 10, FWY 710, FWY 110, 210 and FWY 134).
Alhambra is located 8 miles east of Los Angeles. 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.