Campus-Format 40-Unit Multifamily
For Sale
Contact for pricing
221 N Bushnell Ave, Alhambra, CA 91801
Four two-story garden buildings on a contiguous site offer 40 apartment units for residential income.
Property Size31,880 SF
Lot Size1.27 Acres
Price / SF$354.45
Days on Market66
Property Features for 221 N Bushnell Ave
General Information
Standard status
Active
Size
31,880 SF
Lot size
1.27 Acres
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
40
Building Details
Year Built
1948
Stories
2
Tenancy
Multi
Listing Agency:
CBRE LA
(626) 824-4490
Listed By:
Jenny Eng · License #CA 01931224
Source:
Crexi
Added: Jun 2
Changed: Jul 10
Last Checked: Aug 5 at 3:30PM
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 CBRE LA
Investment Insights
Based on property information with market context.
The offering consists of a campus-format multifamily property with 40 units arranged across four two-story, garden-style buildings. The buildings sit on a contiguous 1.27-acre site and include landscaped grounds with mature tree canopy, well-maintained landscaping, and open, grassed common areas. The unit mix is predominantly one-bedroom apartments.
The property is located in central Alhambra and presented as a neighborhood-oriented asset with an established residential feel. The campus is described as being minutes from the Metro A Line and providing direct freeway access to Downtown Los Angeles, Pasadena, and the broader San Gabriel Valley employment base. It is also described as within walking distance of the Atlantic and Garfield retail corridors, with Valley Boulevard moments away.
From an operating standpoint, the portfolio is characterized as having in-place rents below current market levels, with the strategy described as improving results through natural turnover rather than extensive capital outlay. The remarks also note there is no local rent stabilization ordinance, so each vacancy resets to full market rate under AB 1482 with no cap on new lease rates. For investors and operators seeking a 40-unit, campus-style multifamily asset in a well-situated Alhambra setting, 221 N Bushnell Avenue and 1620 Larch Street presents a single, consolidated acquisition with multiple buildings under one ownership structure.
The property is located in central Alhambra and presented as a neighborhood-oriented asset with an established residential feel. The campus is described as being minutes from the Metro A Line and providing direct freeway access to Downtown Los Angeles, Pasadena, and the broader San Gabriel Valley employment base. It is also described as within walking distance of the Atlantic and Garfield retail corridors, with Valley Boulevard moments away.
From an operating standpoint, the portfolio is characterized as having in-place rents below current market levels, with the strategy described as improving results through natural turnover rather than extensive capital outlay. The remarks also note there is no local rent stabilization ordinance, so each vacancy resets to full market rate under AB 1482 with no cap on new lease rates. For investors and operators seeking a 40-unit, campus-style multifamily asset in a well-situated Alhambra setting, 221 N Bushnell Avenue and 1620 Larch Street presents a single, consolidated acquisition with multiple buildings under one ownership structure.
Key Highlights
- 40‑unit multifamily property in four two‑story, garden‑style buildings on a contiguous 1.27‑acre site
- Year built 1948
- Predominantly 1‑bedroom unit mix
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.01M | $31.80 |
| − Vacancy | −$81.1k | −$2.54 |
| EGI | $932.7k | $29.26 |
| − OpEx | −$419.7k | −$13.17 |
| NOI | $513.0k | $16.09 |
31,880 SF · lease $31.80/SF/yr · vacancy 8.00% · expense 45.00%
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
Yes
Highway access
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Four two-story garden buildings on a contiguous site offer 40 apartment units for residential income.
Where is this apartment building located?
The property is located at 221 N Bushnell Ave 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 multifamily property in four two‑story, garden‑style buildings on a contiguous 1.27‑acre site; Year built 1948; Predominantly 1‑bedroom unit mix
