312 Primrose AveAlhambra, CA 91801

Property Details for 312 Primrose Ave

Year built

1924

Property type

Apartment buildings

Description

This exceptional 4-unit apartment building in Alhambra, CA presents a compelling value-add investment opportunity. Situated on an 8,285 sq ft lot, this property comprises three 1-story buildings, featuring a desirable bungalow style. Built in 1924 and extensively renovated in 2023, the property boasts 100% occupancy and a current NOI of $69,885, projecting to $81,585. Recent capital improvements include a new roof (October 2023), updated landscaping, fresh exterior paint, and complete upgrades to one unit. Two units offer in-unit laundry. The property includes six parking spaces, two of which are in detached garages. All units are individually metered for gas and electricity. Located in a highly desirable North Alhambra neighborhood, adjacent to San Marino and South Pasadena, this property benefits from a Walk Score of 79, proximity to major freeways (10, 710, and 110), and convenient access to shopping, dining, and excellent schools. The property is zoned RPD and is offered fee simple. A June 2023 appraisal valued the property at $1.7 million (buyer to verify). Seller financing may be available (see offering memorandum). This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a prime location with significant upside potential. The asking price is $1,698,000, representing a price per unit of $424,500 and a current cap rate of 4.12%, with a pro-forma cap rate of 4.80%.

Location Insight

City

Alhambra

County

Los Angeles

State

California

Latitude

34.098

Longitude

-118.149

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