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Multifamily

328 N Curtis Ave

328 N Curtis Ave, Alhambra, CA 91801

Listing Price: $1,598,000

Cap Rate
2.76%
Number of Units
5
Price/Unit
$319,600
Price/Gross SF
$389.76
Gross SF
4,100

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 328 North Curtis Avenue, a 5-unit multifamily building in the city of Alhambra, a core market in the San Gabriel Valley. This is the first time the building has been on the market in nearly three decades. The property borders the affluent neighborhoods of San Marino and South Pasadena and is only fifteen minutes from Downtown Los Angeles. It is also proximate to Downtown Alhambra with convenient access to Atlantic Time Square, Old Town Pasadena, Costco, Target, and the 10 and 110 Freeways. Although current ownership has maintained the property well, they have not been aggressive with rents. This, along with the asset’s stellar location fundamentals, offers a new investor high value-add potential. The property was built in 1917/1959 and offers a strong unit mix of one two-bedroom/one-and-a-half-bathroom single-family residence, two two-bedroom/one-bathroom units, and two one-bedroom/one-bathroom units. The single-family residence will be delivered vacant at close of escrow, which offers a new investor immediate value-add potential by repositioning the unit with a thorough renovation strategy to achieve market rent. The property offers five covered carport parking spots (no soft-story retrofit required), on-site laundry, and individual water heaters for each unit. It is also individually metered for gas and electricity and the single-family residence offers a basement. The units utilize wall air conditioning units and the single-family residence also offers central heating. The property also benefits from extensive improvements. On-site laundry just received a new washer and dryer unit, the property was recently repainted three years ago, and the pitched roof on the two-story building was replaced six years ago as was the sewer line. This saves a new investor thousands in capital expenditures. This is a rare opportunity for an investor to acquire a true generational, value add asset that has been well-maintained and located in a highly sought-after North Alhambra submarket.

Investment Highlights

  • PRIME NORTH ALHAMBRA LOCATION
  • SINGLE-FAMILY RESIDENCE DELIVERED VACANT
  • VALUE-ADD POTENTIAL - 58% RENTAL UPSIDE
  • ON-SITE LAUNDRY WITH BRAND NEW WASHER AND DRYER UNITS
  • NO SOFT-STORY RETROFIT REQUIRED
  • INDIVIDUAL WATER HEATERS
  • 77 WALK SCORE - VERY WALKABLE

Exclusively Listed By

Listing Price: $1,598,000

Cap Rate
2.76%
Number of Units
5
Price/Unit
$319,600
Price/Gross SF
$389.76
Gross SF
4,100

Investment Highlights

  • PRIME NORTH ALHAMBRA LOCATION
  • SINGLE-FAMILY RESIDENCE DELIVERED VACANT
  • VALUE-ADD POTENTIAL - 58% RENTAL UPSIDE
  • ON-SITE LAUNDRY WITH BRAND NEW WASHER AND DRYER UNITS
  • NO SOFT-STORY RETROFIT REQUIRED
  • INDIVIDUAL WATER HEATERS
  • 77 WALK SCORE - VERY WALKABLE

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 328 North Curtis Avenue, a 5-unit multifamily building in the city of Alhambra, a core market in the San Gabriel Valley. This is the first time the building has been on the market in nearly three decades. The property borders the affluent neighborhoods of San Marino and South Pasadena and is only fifteen minutes from Downtown Los Angeles. It is also proximate to Downtown Alhambra with convenient access to Atlantic Time Square, Old Town Pasadena, Costco, Target, and the 10 and 110 Freeways. Although current ownership has maintained the property well, they have not been aggressive with rents. This, along with the asset’s stellar location fundamentals, offers a new investor high value-add potential. The property was built in 1917/1959 and offers a strong unit mix of one two-bedroom/one-and-a-half-bathroom single-family residence, two two-bedroom/one-bathroom units, and two one-bedroom/one-bathroom units. The single-family residence will be delivered vacant at close of escrow, which offers a new investor immediate value-add potential by repositioning the unit with a thorough renovation strategy to achieve market rent. The property offers five covered carport parking spots (no soft-story retrofit required), on-site laundry, and individual water heaters for each unit. It is also individually metered for gas and electricity and the single-family residence offers a basement. The units utilize wall air conditioning units and the single-family residence also offers central heating. The property also benefits from extensive improvements. On-site laundry just received a new washer and dryer unit, the property was recently repainted three years ago, and the pitched roof on the two-story building was replaced six years ago as was the sewer line. This saves a new investor thousands in capital expenditures. This is a rare opportunity for an investor to acquire a true generational, value add asset that has been well-maintained and located in a highly sought-after North Alhambra submarket.

Exclusively Listed By

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