5231 Alhambra Avenue, Los Angeles, CA 90032

About this property

Huge 100k Price Reduction! Rare Non-Rent Control (1989 built) 5-unit opportunity with 4 fully renovated vacancies in prime El Sereno. The property is ready to cash flow at an amazing Current Cap Rate of 6% and 12.4 GRM. Excellent unit mix of all spacious 2 bedroom, 1 bath units with 2 parking spaces for each unit. There's an additional upside to a 6.8% Cap Rate and 11.3 GRM on proforma. The property was built in 1989 and is not subject to LA City Rent control, therefore allowing for 10% annual increases (5% + CPI). The property was meticulously renovated in 2022 featuring exterior upgrades, new cabinets, flooring, lighting, bathrooms, stainless steel appliances, and washer/dryer in unit. Located in the El Sereno neighborhood of Los Angeles which is centrally located to downtown LA, Cal State LA University, and neighboring Alhambra and Pasadena. All units are individually metered for gas and the property has 10 tandem parking spaces in the back. In addition, there are preliminary plans to add 2 detached ADUs in the back for future upside.

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

Sale history

$1,670,000

Sold May 2023 · listed $1,895,000, on market March 2023 · MLS #23250953 · Source: CRMLS

Listing Agent: Julio Ruiz · Listing Office: Global Platinum Properties, Inc. · Contact: 818-524-0706 · Bought with: Kevork Garibian · Berkshire Hathaway HomeServices California Propert

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