Courtesy of: Edward Pan 01894476 | Colliers International Greater Los Angel
Purchase Type: Sale
MLS ID: 21-781420
Days On Market: 39
Square Footage: 6,096 Sq ft
Lot size: 0.181
Property Type: Residential Income
Property Subtype: Apartment Building
Swimming Pool: No
Address: 314 N Electric Ave
County: Los Angeles
The Pacific Partners of Colliers International are pleased to present for sale this 6-Unit multi-family apartment building located at 314 N Electric Avenue, Alhambra. The property is just north of Alhambra Downtown Main Street in a quiet residential neighborhood. It consists of one two-story building with large gated front yard and parking/storage in the rear. The building totals 6,096 rentable square feet situated on an approximately 7,863 square foot rectangular lot. Originally built in 1965, this well-maintained multi-family asset has a unit mix of one 1-bedroom/1-bathoom, two 2-bedroom/1-bathoom, two 2-bedroom/1.5-bathoom townhouse, and one 3-bedroom/2.5-bathoom townhouse units with 100% occupancy. Rental rates at this property are approximately 10% below market rate. The property has the potential to achieve over 4.00% CAP rate with updated market rents in a desirable SoCal location. Amenities include gated front yard, onsite parking and storage in the rear of the property. There is a laundry room onsite currently used for storage which offers an investor the opportunity to collect additional income by installing laundry machines. In addition, the building exterior is freshly painted with great curb appeal. Drive-by only, do not contact tenants. Make offer subject to inspection.
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