Sold

5231 Alhambra Avenue

Los Angeles CA, 90032

$1,670,000


$477.14 per sqft

Sold

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

March 23, 2024

Updated

Map

5231 Alhambra Avenue
Los Angeles CA, 90032

Interior Features

Total Stories

3


Bedrooms

10 Beds


Bathrooms

5 Baths


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


Buyer Agency Compensation

2.5%

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 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/23/2024 at 1:21 AM UTC

 

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