Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 711 Sierra Vista Avenue, a 26-unit apartment complex located in the city of Alhambra. Alhambra is conveniently located eight miles east of Downtown Los Angeles and just minutes from the nearby cities of Pasadena, Monterey Park, San Marino, and other San Gabriel Valley locations.
The subject property is a charming courtyard style walk up apartment building located on a quiet residential street in the heart of Alhambra. The property consists of 24 one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit and one three-bedroom/one and three quarter-bathroom unit. The property features an on-site laundry facility, swimming pool and on-site parking for every unit. The property is individually metered for gas and electricity.
The subject property allows an investor the opportunity to acquire a rare mid-sized, non-rent-controlled apartment asset in a highly sought after Alhambra location. While the current ownership has attentively maintained the property, they have not aggressively raised rents. An astute investor will be able to implement a thorough renovation program and immediately take advantage of the estimated 30% upside in rental income.
