16 Units - Alhambra: Property For Sale

Properties For Sale 16 Units - Alhambra

16 Units - Alhambra Off Market Deal

920 North 1st St., Alhambra 91801

DRIVE-BY ONLY. Do not disturb tenants. Tenants do not know the property is for sale. Interior inspection with accepted offer.

Offered at:
$5,275,000

Property Description

We are pleased to present the opportunity to acquire 920 North 1st Street, a 16-unit apartment community in the city of Alhambra, a core market in the San Gabriel Valley. The property borders the affluent neighborhoods of San Marino and South Pasadena, which provides new investors potential for high rent growth unique to Alhambra. The meticulously maintained property built in 1959 consists of 10 one-bedroom/one-bathroom units and six two-bedroom/one-bathroom units. The two-story building features two points of ingress and egress, gated entry into a naturally-lit courtyard, 16 covered parking spots, on-site laundry, separate meters for gas and electricity, a pitched roof, and partial copper plumbing. Its 14,704 square foot lot nestles on a residential street with ample street parking.

Living in Alhambra

Alhambra is a larger medium-sized city located in the state of California. With a population of 84,649 people and 20 constituent neighborhoods, Alhambra is the 90th largest community in California.

Housing costs in Alhambra are among some of the highest in the nation, although real estate prices here don't compare to real estate prices in the most expensive communities in California.

Unlike some cities where white-collar or blue-collar occupations dominate the local economy, Alhambra is neither predominantly one nor the other. Instead, it has a mixed workforce of both white- and blue-collar jobs. Overall, Alhambra is a city of sales and office workers, professionals, and service providers. There are especially a lot of people living in Alhambra who work in office and administrative support (16.82%), sales jobs (10.04%), and management occupations (8.49%).

Also of interest is that Alhambra has more people living here who work in computers and math than 95% of the places in the US.

Another interesting thing about Alhambra, despite not being a huge city, is that there is a relatively high proportion of people living here who are young, single, and upwardly-mobile professionals. This makes it a good choice for other relocating single professionals. Here, these young singles will find many others like themselves, with opportunities for friendships, socializing, romance, and fun.

Although the majority of commuting trips in the city are by private automobile, Alhambra is somewhat unusual for a city of its size for having a substantial number of people who use public transportation. For a lot of people, the bus helps to get to and from their jobs every morning, which benefits everyone in the Alhambra area by reducing both traffic and air pollution.

The per capita income in Alhambra in 2010 was $27,385, which is middle income relative to California and the nation. This equates to an annual income of $109,540 for a family of four. However, Alhambra contains both very wealthy and poor people as well.

Income

Ten 1-Bedroom 1-Bath $1,460
Six 2-Bedroom 1-Bath $1,770
Monthly Total $25,220

Cash Flow Analysis

Gross Scheduled Income $302,640
Operating Expenses $118,003
Net Operating Income $184,637

Acquisition Data

Down Payment $1,582,500 (30%)
Loan Amount $3,692,500 (70%)

Call or E Mail to request a Marketing Package and 10 Year Financial Analysis of this property. Marketing Package includes Complete Property Information, Sales and Rent Comparable Analysis. 10 Year Financial Analysis includes Complete Cash Flow Analysis, Itemized Expenses, Expected Cash Flow, Return on Initial Equity, Expected Gross Income Increase, Tax Benefits, Mortgage Principal Reduction, Expected Appreciation, Depreciation Analysis, Adjusted Cost Basis, Capital Gains Tax On Sale and more.

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