1427 S. Garfield is a large 5 unit apartment building, unlike any you have seen before at 5,865sf. The back four units all consist of 2bed/1bath, with unit #2 downstairs, and unit# 3, 4, and 5 upstairs. Each 2bed/1ba is approximately 1,000sf. Upstairs units have small balconies and most units have additional closet storage spaces with access from the living rooms. Closets in each bedroom are large, from floor to ceiling storage. There is also an ample breakfast eating area next to each kitchen. The front unit, unit# 1, is approximately 1,850sf, and is an extraordinarily large 3bed/2bath, with two living rooms, dining room, wrap-around kitchen, and a very large master suite with an attached bathroom. There are a total of 10 parking spaces, onsite laundry, and gated storage area.At the time of this writing, unit #2 and #3 is occupied at market rent. Remaining units are undergoing repairs and expected to be complete by Jan 31, 2023. Gross market rent when fully leased is expected to be $13,050/mo, or $156,600/yr. Expected NOI will be $117,450/yr, after adjusting for property taxes, making that a 4.43% Cap Rate in year 1. Year 2 cap rate ~4.76%, and year 3 cap rate ~5.12%. The average cap rate for Alhambra has historically been 3-3.5%. Alhambra is a business and tourist hub with millions being invested into local infrastructure, commercial, and residential projects. Alhambra’s proximity to downtown Los Angeles, Pasadena, and Monterey Park provide tenants easy access to jobs, entertainment, and cultural activities. Demographic data is as follows: 1mi population 38,096; avg household income $74,101, total businesses 1,651, and total employees 8,795. All of which are well above national averages. 1427 S Garfield’s has many additional ‘best use’ options given its proximity to the highly traffic intersection of Valley and Garfield, and between the 10 freeway. An owner may decide to repurpose this property at a later time into various other commercial uses, such as medical, retail, office, or mix-use.
