Garden-Style Multifamily
For Sale
$11,300,000
1620 Larch Street, Alhambra, CA 91801
For sale 40-unit campus on four two-story garden-style buildings, offering established residential scale in Alhambra.
Property Size31,880 SF
Lot Size1.27 Acres
Price / SF$354.45
Days on Market67
Property Features for 1620 Larch Street
General Information
Standard status
Active
Size
31,880 SF
Lot size
1.27 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
40
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
(818) 907-4740
Listed By:
Greg Nassir · License #1775052
Source:
Cbre
Added: Jun 7
Changed: Aug 12
Last Checked: Aug 11 at 6:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Greg Nassir
Investment Insights
Based on property information with market context.
Exclusively presented for sale is a 40-unit, campus-format multifamily property featuring four separate two-story, garden-style buildings. The buildings sit on a contiguous 1.27-acre site and are configured as an established residential community designed around multiple structures within a single property footprint.
The property is offered at 221 N Bushnell Avenue and 1620 Larch Street in Alhambra, California. With a multi-building layout on one contiguous parcel, the community provides an operator the benefit of centralized ownership while still separating units across individual buildings.
This asset may suit buyers seeking a larger-scale apartment investment with an existing operational setup. The four-building, garden-style format provides a straightforward property profile for underwriting and management planning, with the combined unit count supporting a multifamily approach rather than a single-building strategy.
The property is offered at 221 N Bushnell Avenue and 1620 Larch Street in Alhambra, California. With a multi-building layout on one contiguous parcel, the community provides an operator the benefit of centralized ownership while still separating units across individual buildings.
This asset may suit buyers seeking a larger-scale apartment investment with an existing operational setup. The four-building, garden-style format provides a straightforward property profile for underwriting and management planning, with the combined unit count supporting a multifamily approach rather than a single-building strategy.
Key Highlights
- 40‑unit campus‑format multifamily property in central Alhambra
- Four two‑story, garden‑style buildings on a contiguous 1.27‑acre site
- Property is described as having no local rent control
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$512,975
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$10,259,500
$10.3M
Cap Rate 7%
$7,328,214
$7.3M
Cap Rate 9%
$5,699,722
$5.7M
Market Conditions
NOI Build-Up for 31,880 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.01M $31.80/SF
− Vacancy
−$81.1K −$2.54/SF
EGI
$932.7K $29.26/SF
− OpEx
−$419.7K −$13.17/SF
NOI
$513.0K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$10,259,500
Cap Rate 7%
$7,328,214
Cap Rate 9%
$5,699,722
Alternative Uses
Best Use
Apartment 5plus
$7.33M
$6.41M – $8.55M
NOI $512,975 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.07M
$14.93M – $19.91M
NOI $1,194,790 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
40
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,456
Businesses Nearby
Explore this area
Business Placement
Demographics for 91801, CA
53,669
Population
21,702
Households
2.5
Avg Household Size
41
Median Age
41%
College-Educated
85%
High-School Grad
4.3 sq mi
ZIP Area
12,481
Density / Sq Mi
$85,549
Median Household Income
$47,855
Median Earnings
$1,879
Median Rent
$797,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - For sale 40-unit campus on four two-story garden-style buildings, offering established residential scale in Alhambra.
Where is this apartment building located?
The property is located at 1620 Larch Street Alhambra, CA.
What is the asking price?
The asking price for this property is $11,300,000.
What are key features of this property?
This property features: 40‑unit campus‑format multifamily property in central Alhambra; Four two‑story, garden‑style buildings on a contiguous 1.27‑acre site; Property is described as having no local rent control
