Sold
Closed
5231 Alhambra Avenue
Los Angeles CA, 90032
$1,670,000
$477.14 per sqft
Sold
Closed
10 Beds
5 Baths
3,500 sqft
Residential
Built in 1989
Listed by Julio Ruiz with Global Platinum Properties, Inc. 818-524-0706
Huge 100k Price Reduction! Rare Non-Rent Control (1989 built) 5-unit opportunity with 4 fully renovated vacancies in prime El Sereno. The property is ready to cash flow at an amazing Current Cap Rate of 6% and 12.4 GRM. Excellent unit mix of all spacious 2 bedroom, 1 bath units with 2 parking spaces for each unit. There's an additional upside to a 6.8% Cap Rate and 11.3 GRM on proforma. The property was built in 1989 and is not subject to LA City Rent control, therefore allowing for 10% annual increases (5% + CPI). The property was meticulously renovated in 2022 featuring exterior upgrades, new cabinets, flooring, lighting, bathrooms, stainless steel appliances, and washer/dryer in unit. Located in the El Sereno neighborhood of Los Angeles which is centrally located to downtown LA, Cal State LA University, and neighboring Alhambra and Pasadena. All units are individually metered for gas and the property has 10 tandem parking spaces in the back. In addition, there are preliminary plans to add 2 detached ADUs in the back for future upside.
23250953
MLSⓇ ID
March 14, 2023
Listed
July 14, 2024
Updated
Map
5231 Alhambra Avenue
Los Angeles CA, 90032
Interior Features
Total Stories
3
Bedrooms
10
Total Bathrooms
5
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.12 Acres
Other Property Details
Area Name
621 - El Sereno
Days on Market
45
Garage
Yes
Parking
Garage, Tandem
Parking Total
10
View
No
County
Los Angeles
Pool
No
Zoning
LAC2
Listing History
Date | Event | Price |
|---|---|---|
5/13/2023 | Price Change | $1,670,000 -12% |
5/13/2023 | Sold | $1,670,000 |
Listing Contact: 818-524-0706
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Data last updated on 7/14/2024 at 4:16 AM UTC