Residential Income – 1024 S Atlantic Blvd, Alhambra, CA 91803, USA -001-11-30T00:00:00-08:00
1024 S Atlantic Blvd, Alhambra is a 17-unit value-add apartment with significant rental upside potential in a very strong rental market of West San Gabriel Valley. The property is uniquely situated several blocks from the burgeoning and renown Valley Blvd an
1024 S Atlantic Blvd, Alhambra, CA 91803, USA
$4,900,000 USD
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Address1024 South Atlantic Boulevard, Alhambra
Price$4,900,000
Year Built1960
Bedrooms Total0
Living Area13,093 ft2
Lot Size (Sq.Ft.)17,144
Listing IDAR20041197
StatusActive
Parcel Number5350015005
ZoningALRPD
Special ConditionsStandard
Days on Market37

Detailed Description: 1024 S Atlantic Blvd, Alhambra is a 17-unit value-add apartment with significant rental upside potential in a very strong rental market of West San Gabriel Valley. The property is uniquely situated several blocks from the burgeoning and renown Valley Blvd and the recently completed Atlantic Times Square – a local shopping mall complete with AMC Theater. Due to its convenient location several blocks from Valley Blvd, this property provides excellent access to myriad of restaurants, shopping, and most of the amenities the City of Alhambra has to offer. It is also close to many public transportations and is just minutes away from FWY 10 for convenient access to other parts of Los Angeles such as Downtown LA, FWY 710, and FWY 5. The property is a garden style apartment that was built in 1960 and situated on a ±17,143 sq.ft lot. It has center courtyard and offers excellent unit mix of one 3bed + 2bath, eight 2bed + 1bath, and eight 1bed + 1bath units. Most of the tenants are long-time tenants and the current rental income are significantly below market. Each unit is separately metered for electricity and gas and parking is provided by 17 parking spaces in the back. Most of the units have upgraded double pane windows, windows A / C, wall heating, ceiling fans and other amenities. Many units have an updated flooring with granite kitchen countertops and mirrored closet doors, and tiled bathroom.

Cooling
Association
Laundry
Parking
Pool Private
Rent Control
Senior Community
Property Attached
Land Lease

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Address Information
Address1024 South Atlantic Boulevard, Alhambra
Street PrefixSouth
Street SuffixBoulevard
CityAlhambra
Location (MLS Area)601 – Alhambra
County Or ParishLos Angeles
Postal Code Plus42262
CountryUS
Financial Information
Price per Square Foot$374.25
Price per Lot Square Foot$285.81
Price per Unit$288,000
Tenant PaysElectricity, Gas
Special ConditionsStandard
Total Expenses$103,773
Professional Management Expense$4,800
Operating Expense$103,773
Insurance Expense$4,506
Gardner Expense$1,943
Electric Expense$1,073
Water Sewer Expense$7,449
Trash Expense$4,800
Fuel Expense$6,334
Gross Operating Income$280,479
Gross Income$289,154
Gross Scheduled Income$289,154
Net Operating Income$176,706
Total Actual Rent$23,849
Tax Year2020
Tax Lot7
New Taxes Expense$57,471
Full Descriptions
Parcel Number5350015005
Detailed Description1024 S Atlantic Blvd, Alhambra is a 17-unit value-add apartment with significant rental upside potential in a very strong rental market of West San Gabriel Valley. The property is uniquely situated several blocks from the burgeoning and renown Valley Blvd and the recently completed Atlantic Times Square – a local shopping mall complete with AMC Theater. Due to its convenient location several blocks from Valley Blvd, this property provides excellent access to myriad of restaurants, shopping, and most of the amenities the City of Alhambra has to offer. It is also close to many public transportations and is just minutes away from FWY 10 for convenient access to other parts of Los Angeles such as Downtown LA, FWY 710, and FWY 5. The property is a garden style apartment that was built in 1960 and situated on a ±17,143 sq.ft lot. It has center courtyard and offers excellent unit mix of one 3bed + 2bath, eight 2bed + 1bath, and eight 1bed + 1bath units. Most of the tenants are long-time tenants and the current rental income are significantly below market. Each unit is separately metered for electricity and gas and parking is provided by 17 parking spaces in the back. Most of the units have upgraded double pane windows, windows A / C, wall heating, ceiling fans and other amenities. Many units have an updated flooring with granite kitchen countertops and mirrored closet doors, and tiled bathroom.
Lot FeaturesLevel with Street, Lot 10000-19999 Sqft, Rectangular Lot, Level, Near Public Transit
Community FeaturesUrban, Valley
Water SourcePublic
UtilitiesCable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Laundry FeaturesCommon Area, Community
Heating DescriptionWall Furnace
Cooling DescriptionWall / Window Unit (s)
Parking FeaturesAssigned, Carport, Detached Carport
Sewer DescriptionPublic Sewer
Common Walls Description2
Pool FeaturesNone
Property parameters
Year Built1960
Living Area (Sq.Ft.)13,093 ft2
Lot Size (Sq.Ft.)17,144
Lot Size (Acres)0.394
Lot Size SourceAssessor
Number of Buildings1
Number of Units Leased17
Number of Units Total17
ZoningALRPD
Stories Total2
Parking Spaces17
LevelsTwo
Carport Spaces17
Water SourcePublic
Units Total17
Year Built SourceAssessor
Vacancy Allowance Rate3%
Number of Separate Electric Meters18
Number of Separate Gas Meters18
Number of Separate Water Meters1
Units with Disposal17
Listed withHandoko Chen (GIG Real Estate Inc.)