Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 114 South Marguerita Avenue, a five unit apartment complex in the city of Alhambra. Alhambra is conveniently located eight miles east of Downtown Los Angeles and just minutes from the nearby cities of Pasadena, Monterey Park, San Marino, Arcadia, and other San Gabriel Valley locations.
The subject property was built in 1978 and is meticulously maintained. It is located on a quiet residential street that has ample street parking and is strategically positioned in the heart of Alhambra less than one mile from Costco, Target, Home Depot, and Downtown Alhambra (Garfield Avenue & Main Street). It is only one and a half miles from the 10 Freeway and Huntington Drive and three miles from Cal State Los Angeles. The property consists of one one-bedroom/one-bathroom unit plus a den, three two-bedroom/one-bathroom units, and one five-bedroom/three-bathroom townhouse. The property features an on-site laundry facility, and ten on-site parking spots, which includes a garage port currently used for owner’s storage. The property is individually metered for gas and electricity.
The subject property allows an investor the opportunity to acquire a rare 1978 constructed, non-rent-controlled apartment asset in a highly sought Alhambra location where only 15% of total apartments and only 10% of transactions in 2018 were built 1978 or later. Soft story retrofit is not required, which saves thousands of dollars in capital expenditures. The property offers a unique unit mix with spacious units. While the current ownership has recently added new lush grass to the front yard and has attentively maintained the property, they have not aggressively raised rents. An astute investor will be able to implement a thorough renovation program and immediately take advantage of the estimated 30% upside in rental income.
