Rents specified are after rent increases that will be effective January 1st, 2019. 1137 S Garfield Ave: a well-maintained, 4-unit apartment building located in the highly-desirable city of Alhambra, California. The property has been in the same ownership since 1981 and this is the first time it is being offered for sale. It is in a strategic location just a block away from the renown Valley Blvd retail corridor. Each of the units are rented to long-time tenants on a month-to-month basis for significantly-below market rents. This offering provides an excellent and true value-add opportunity for investors by adjusting rents to market. It is a 1-1/2 story garden style apartment with center courtyard that offers clean and attractive curb appeal. It has large manicured landscaping and mature trees. It was built in 1941 with ±3,336 sqft living space on a ±7,394 sqft lot size. Each unit is separately metered for electricity and gas and parking is provided by 4 detached garage parking accessible from the alley. The property offers excellent unit mix with 2 x 2bedroom+1bathroom and 2 x 1bedroom+1bathroom. Each unit is large and spacious with an average unit size of ±834 sqft (buyer to verify during inspection) complete with laundry hookups. The property next door 1141 S Garfield is also for sale by same owner. It can be purchased individually or together as a portfolio.
Listing courtesy of Handoko Chen from GIG Real Estate Inc.
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