5 Unit Apartment Building - Value Add 5501 Alhambra Ave

We’re excited to present this exclusive new listing: a 5-unit mixed-use multifamily property located on two adjacent parcels. This is a rare opportunity, as it’s the first time on the market in many decades. This is a rare and unique opportunity to purchase two adjacent properties in the increasingly popular commercial area of El Sereno, Los Angeles—a growing community in NELA. Located just seconds from Alhambra and South Pasadena, and minutes from Downtown Los Angeles, the property features excellent frontage on Alhambra Ave, a key thoroughfare connecting Mission Road to various university sites.
This is an easy-to-rent area, surrounded by hundreds of businesses and corporations, making it a great place to find professional tenants. It is near the Alhambra Office Complex, Grifols Corporate Campus, as well as nurses and staff from Keck Medical, Kaiser Permanente, USC Keck School of Medicine and Medical Center, Cal State's large campus, and many more.
All tenants are month-to-month. The property currently consists of five fully occupied units: four spacious apartments and a ground-floor retail space. Strategically located on a prominent corner in Northeast Los Angeles (NELA), just blocks from Cal State University, this property offers excellent visibility and frontage on two busy streets. With mixed-use zoning and 3,250± square feet of space, there’s significant potential for further value enhancement. The property is a prime value-add investment in an area with strong rental demand, boasting approximately 70% rental upside. Investors will find significant potential to increase value through rent improvements and future development. At projected market rents, the property will stabilize at a 10% CAP rate. It is fully occupied as of the listing date and is situated in an easy-to-rent area.
Bonus unit on-site (6th unit), which was once a studio apartment, but can be used as an additional unit, storage for rent, commercial space, or washer-dryer facility. There is a 6th, "office" style unit on-site today, which is vacant, a bonus unit, and can be leased out for $3 per SF, adding an additional $900 to the monthly gross starting in 2025, which improves the value and CAP rate. Once leased, this brings the property to a 6% CAP next quarter.
The large, cinder block-walled and metal-gated parking area accommodates approximately up to ten vehicles, adding further appeal to tenants. There’s also potential for prominent signage and extra income from leasing additional parking spaces. The property is secured with perimeter walls and fencing, and it boasts a high Walk Score of 90/100. There’s strong potential to add ADUs (Accessory Dwelling Units) on the lot, offering the possibility of nearly doubling the unit count on the east parcel. All units individually metered for power, 5-meter electric panel upgraded and installed in 2011.
The location is near thriving areas such as South Pasadena, Pasadena, Monterey Hills, Highland Park, Glendale, and Lincoln Park. The neighborhood is home to a growing business community, with new establishments like HATCH tech lab space and Stomping Grounds dance school, cafés, and more. Proximity to major freeways and transportation hubs provides easy access to regional and national markets, making this location ideal for businesses looking to expand.
Notable nearby tenants include Target, Costco, Starbucks, LA Fitness, Home Depot, and Alhambra Mall, alongside emerging small businesses like art galleries and service providers. The property is within 5 minutes of 10 universities and colleges and just 2 minutes from Keck Medical Center of USC, 2 miles from Occidental College, 3 miles from Downtown Los Angeles, and 2 miles from Dodger Stadium. Just 8 blocks from Kohl's department store. Near several cafés including Holy Grounds, Tierra Mia Coffee, and lil'EAST Coffee.
Surrounded by dozens of dining experiences and shopping options, this property is conveniently located on Alhambra Ave, connecting Alhambra to the Cal State University area, with easy access to the 710, 10, 110, and 5 freeways. Contact us with any questions.