A very well located and maintained property in the City of Alhambra. The property has been in the same ownership since 1974 (49 years ownership – current owner is the heir); thus presents a rare opportunity for the right buyer to acquire this beautifully located property in Alhambra with attractive going in CAP Rate. The property is a block from Atlantic Blvd, and several blocks west from Alhambra Golf Course and Almansor Court, providing a rare and excellent amenity for tenants which makes it very easy to rent and operate property. It is located minutes away from Downtown Alhambra on Main Street, and Valley Blvd retail corridor. There is no local rent control which allows maximum rent increase under AB1482 (CPI + 5% = 10% maximum increase). The property consists of 3 buildings that were built in stages (buyer to verify with the city)– 915 Edith A&B was built in 1965, 913 Edith Ave unit A was built in 1935, 913 Edith Ave unit B was built in 1945, and 904 Curtis Ln was built in 1930. It has a total of ±3,828sf building and on a large R3 ±11,849sf lot. It has an excellent unit mix of one (1) x 3bed+2bed house, one (1) x 2bed+1bath house, one (1) x 2bed+1bath, and two (2) x 1bed+1bath units.
It is unique because the front house is a large 3bedroom+2bathroom owner’s unit (will be delivered vacant), and the back house is a SFR with its own address – both are on one lot. The front house is a large 3bedroom+2bathroom unit with a large private lawn, high ceiling in living room, central HVAC unit, fireplace, tiled kitchen. The back house (904 Curtis) has its own driveway and garage parking, central HVAC, fireplace, EV charging, and a private backyard. Plumbing has been upgraded to copper (buyer to verify), and each unit has an individual water heater.
All current tenants are on month-to-month agreement which translates to significant rental upside. It is situated on a quiet residential street in 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.
Parking is provided by 4 carports for the front 4 units, 2 car garages and 1 to 2 driveway open space for the back house. There is a shared laundry in the carport area. The building is separately metered for electricity and gas.