104-114 N. 1st St., Alhambra, CA 91801
Price: $8,500,000
Number of Units: 36
Year Built: 1952
Price per Unit: $236,111
Market GRM: 13.43
Market Cap Rate: 4.9%
Mix: 24 Studio Units and 12 One-Bedroom, One-Bathroom Units
Neighborhood Description
Alhambra is a city located in the western San Gabriel Valley region of Los Angeles County, California, approximately eight miles from the Downtown Los Angeles civic center. Alhambra’s main business district, at the intersection of Main and Garfield, has been a center of commerce since 1895. By the 1950s, it had taken on an upscale look and was “the” place to go in the San Gabriel Valley. While many of the classic historical buildings have been torn down over the years, the rebuilding of Main Street has led to the development of new multifamily, dining, retail, and entertainment establishments.
Description
Triqor Group is pleased to present the opportunity to acquire Evans Apartments, a 36-unit apartment community located in Alhambra, CA. Evans Apartments is a rare investment opportunity. The property is within walking distance of the prestigious downtown shops of the Historical District of Alhambra. Built in 1952, the property offers an investor a chance to purchase a well-maintained asset with 40% upside in rents and a nearly 5% cap rate on market. Evans Apartments is located in one of the strongest and most attractive rental submarkets within the San Gabriel Valley in close proximity to San Marino and South Pasadena.
