1427 S Garfield Avenue, Alhambra, CA 91801

About this property

Recession Proof Investments In highly desirably sub-sector of San Gabriel Valley. Huge price reduction- $350,000- for quick sale. Cash cow, 1427 S Garfield has been completely remodeled, in excellent condition, and generates over $12,600/mo in gross revenue. At current list price, expect NOI of $117,600 in year 1 (5% cap), $124,740 in year 2 (5.5% cap), $137,200 in year 3 (6% cap). Alhambra is a leading San Gabriel Valley city with multi-family properties historically trading between 3.25-3.75% cap. Located in prime Alhambra cross streets of Valley and Garfield, surrounded by popular Chinese restaurants, deserts, cafes, and entertainment. With easy access to 10 freeway, 1427 S Garfield attracts young professionals from Downtown LA, Pasadena, and South Pasadena. The property consists of 5 large units: Unit 1 (front facing) is a large 1800sf 3bd/2ba, with master suite, central air, wrap around kitchen, dining area, and two large living rooms and currently rents for $3250/mo. Units 2, 3, 4, and 5 are approx. 1000sf each, 2bd/1ba and rent for $2350/mo. Owner pays for water and trash only. No local rent control, deferred to state AB1482 only. Three upstairs units have large balconies. The property has been completely rewired for electrical. Total 10 parking spaces, each unit designated 2 spaces. Property built in 1978 meaning no retrofit is required. Future value may be determined best use as commercial, as the property is surrounded by best medical office and retail. Simply collect rent and continue to watch the neighborhood transform. Alhambra School district is an attractive feature for tenants with High School rating of 8/10 measured by GreatSchools.com. Feel safe in knowing you've invested in a city of Alhambra, a premier San Gabriel Valley in Southern California.

Listing description from the June 2023 sale, as reported to CRMLS.

Sale history

$2,251,000

Sold June 2023 · listed $2,299,000, orig. $2,650,000, on market March 2023 · MLS #23251195 · Source: CRMLS

Listing Agent: Colin M. Trent Johnson · Listing Office: Premier Realty Associates · Contact: 858-277-6173 · Bought with: Xing Sheng · Keller Williams Premier Prop

$1,925,000

Sold November 2022 · listed $1,900,000, on market October 2022 · MLS #AR22189729 · Source: CRMLS

Listing Agent: Carol Poh · Listing Office: Pacific Reliance · Contact: 626-795-4555 · Bought with: Carol Poh · Pacific Reliance

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