4-u Bungalow Single-story North Alhambra | 312 N Primrose Ave
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4-u Bungalow Single-story North Alhambra 312 N Primrose Ave
4 Unit Apartment Building $1,680,000 ($420,000/Unit) 4.04% Cap Rate Alhambra, CA 91801
Investment Highlights
- 4-single story Bungalows in north Alhambra, adjacent to San Marino and South Pasadena; Strong demographics with an household income of ±$105,805
- Highly desirable single-story, bungalow-style design; Two duplexes layout with detached garage in the back
- All units have been upgraded in some ways, two units have in-unit laundry machines (machines come with the sale)
- SELLER MAY CARRY (see OM financials page 25)
- Last Appraised for $1.7million in June 2023 (appraisal report ready – was in escrow for $2milllion in June 2023) – Buyer to Verify!
- Recent CAPEX completed: new roof in back duplex (October 2023), new beautiful drought tolerant landscaping (front), new exterior paint in back build
Executive Summary
SELLER MAY CARRY - See financials page 25 in the OM.
Disclosure: Latest appraisal report (as of June 2023) valued the property at $1.7million (was in escrow for $2million in June 2023 - report available for qualified buyer). SELLER MAY CARRY (see Financials page 25 in the OM).
Growth Investment Group California is proud to present 312 N Primrose Ave, Alhambra. It is a single-story bungalow style fourplex located in the best location of Alhambra. It is situated on a quiet residential street in north Alhambra, and adjacent to both San Marino and South Pasadena; yet it provides convenience to tenants due to its strategic location just within minutes to many area amenities like shopping (Costco, Target), Alhambra Park, schools, churches, downtown Alhambra on Main Street, and easy access to FWY 10 and FWY 110 via Fremont Ave. This offering provides investor with opportunity to buy an easy to manage and rent apartment investments in the best location of Alhambra. The property has undergone many capital improvements, most recent ones are new roof for back duplex (October 2023), new drought tolerant landscaping (front lawn) and new exterior paint (back duplex + garage).
The building consists of two duplexes. The front duplex consists of two x 1bedroom+1bathroom bungalow style units. Each unit comes with in-unit laundry machines (seller provided). One of the front units (#312) has been partially upgraded with luxury vinyl wood flooring, quartz kitchen countertops, new kitchen, recessed lightings, and new laundry machines (come with the property). The other front unit (#314) has been fully upgraded with new kitchen, new flooring, new stainless-steel appliances, in-unit laundry machines, new A/C, new windows, etc.
The back duplex consists of one x 1bedroom+1bathroom, and one x studio. Both back units have been completely upgraded with new flooring, new kitchen (cabinets and quartz countertops), recessed lightings, and mini split A/C and heating units. These back 2 units do not have any laundry hookups and there is no laundry facility in the building (new owner can create laundry facility in one of the storage spaces).
The property has a detached garage which provides 2 parking spaces and 2 storage spaces. There are 4 additional striped parking spaces in front of the garage. The 1 detached garage spaces are being used as storage spaces by tenant – the other 1 garage space are rented on month to month basis by one of the new tenant. The building is separately metered for electricity and gas.
Disclosure: Latest appraisal report (as of June 2023) valued the property at $1.7million (was in escrow for $2million in June 2023 - report available for qualified buyer). SELLER MAY CARRY (see Financials page 25 in the OM).
Growth Investment Group California is proud to present 312 N Primrose Ave, Alhambra. It is a single-story bungalow style fourplex located in the best location of Alhambra. It is situated on a quiet residential street in north Alhambra, and adjacent to both San Marino and South Pasadena; yet it provides convenience to tenants due to its strategic location just within minutes to many area amenities like shopping (Costco, Target), Alhambra Park, schools, churches, downtown Alhambra on Main Street, and easy access to FWY 10 and FWY 110 via Fremont Ave. This offering provides investor with opportunity to buy an easy to manage and rent apartment investments in the best location of Alhambra. The property has undergone many capital improvements, most recent ones are new roof for back duplex (October 2023), new drought tolerant landscaping (front lawn) and new exterior paint (back duplex + garage).
The building consists of two duplexes. The front duplex consists of two x 1bedroom+1bathroom bungalow style units. Each unit comes with in-unit laundry machines (seller provided). One of the front units (#312) has been partially upgraded with luxury vinyl wood flooring, quartz kitchen countertops, new kitchen, recessed lightings, and new laundry machines (come with the property). The other front unit (#314) has been fully upgraded with new kitchen, new flooring, new stainless-steel appliances, in-unit laundry machines, new A/C, new windows, etc.
The back duplex consists of one x 1bedroom+1bathroom, and one x studio. Both back units have been completely upgraded with new flooring, new kitchen (cabinets and quartz countertops), recessed lightings, and mini split A/C and heating units. These back 2 units do not have any laundry hookups and there is no laundry facility in the building (new owner can create laundry facility in one of the storage spaces).
The property has a detached garage which provides 2 parking spaces and 2 storage spaces. There are 4 additional striped parking spaces in front of the garage. The 1 detached garage spaces are being used as storage spaces by tenant – the other 1 garage space are rented on month to month basis by one of the new tenant. The building is separately metered for electricity and gas.
Property Facts
| Price | $1,680,000 | Apartment Style | Garden |
| Price Per Unit | $420,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 4.04% | Building Size | 2,016 SF |
| Gross Rent Multiplier | 18.05 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1924/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.98/1,000 SF |
| Price | $1,680,000 |
| Price Per Unit | $420,000 |
| Sale Type | Investment |
| Cap Rate | 4.04% |
| Gross Rent Multiplier | 18.05 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.19 AC |
| Building Size | 2,016 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1924/2023 |
| Parking Ratio | 2.98/1,000 SF |
Unit Amenities
- Washer/Dryer Hookup
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 3 | - | - |
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Walk Score ®
Very Walkable (78)
PROPERTY TAXES
| Parcel Number | 5339-014-004 | Improvements Assessment | $384,853 |
| Land Assessment | $669,310 | Total Assessment | $1,054,163 |
PROPERTY TAXES
Parcel Number
5339-014-004
Land Assessment
$669,310
Improvements Assessment
$384,853
Total Assessment
$1,054,163
zoning
| Zoning Code | ALRPD |
| ALRPD |
-
Han Widjaja-Chen -
Growth Investment Group California
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4-u Bungalow Single-story North Alhambra | 312 N Primrose Ave
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