601 N Stoneman AVE Alhambra, CA 91801
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR25169737
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1965
Lot Size 0.334 Acres
Property Sub-Type Apartment
Property Description
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.
Location
State CA
County Los Angeles
Area 601 - Alhambra
Zoning ALRPD*
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Laminate, Vinyl, Wood
Fireplaces Type Family Room
Fireplace Yes
Appliance Dishwasher, Electric Range, Disposal, Range Hood
Laundry Common Area
Exterior
Parking Features Assigned, Covered
Garage Spaces 19.0
Garage Description 19.0
Pool None
Community Features Suburban, Valley, Gated
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N No
View None
Roof Type Flat
Total Parking Spaces 19
Private Pool No
Building
Lot Description Corner Lot, Lawn, Landscaped, Level, Near Public Transit, Rectangular Lot, Sprinkler System, Street Level
Faces Northeast
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Architectural Style Mid-Century Modern
Level or Stories Two
New Construction No
Construction Status Updated/Remodeled
Others
Senior Community No
Tax ID 5322032028
Security Features Carbon Monoxide Detector(s),Security Gate,Gated Community,Smoke Detector(s),Security Lights
Energy Description 2675.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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