312 Primrose Ave Alhambra, CA 91801
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 312 Primrose Ave
- Year built
- 1924
- Property type
- Commercial real estate
- APN
- 5339-014-004
Description
This exceptional 4-unit apartment building in Alhambra, CA presents a compelling value-add investment opportunity. Situated on an 8,285 sq ft lot, this property comprises three 1-story buildings, featuring a desirable bungalow style. Built in 1924 and extensively renovated in 2023, the property boasts 100% occupancy and a current NOI of $69,885, projecting to $81,585. Recent capital improvements include a new roof (October 2023), updated landscaping, fresh exterior paint, and complete upgrades to one unit. Two units offer in-unit laundry. The property includes six parking spaces, two of which are in detached garages. All units are individually metered for gas and electricity. Located in a highly desirable North Alhambra neighborhood, adjacent to San Marino and South Pasadena, this property benefits from a Walk Score of 79, proximity to major freeways (10, 710, and 110), and convenient access to shopping, dining, and excellent schools. The property is zoned RPD and is offered fee simple. A June 2023 appraisal valued the property at $1.7 million (buyer to verify). Seller financing may be available (see offering memorandum). This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a prime location with significant upside potential. The asking price is $1,698,000, representing a price per unit of $424,500 and a current cap rate of 4.12%, with a pro-forma cap rate of 4.80%.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Alhambra
- County
- Los Angeles
- State
- California
- Longitude
- -118.1488713
- Latitude
- 34.0979962
