115 Elgin Street

About This Property

Located north of Main Street in North Alhambra, California, this 5-unit multifamily property represents a compelling acquisition opportunity in the highly sought-after San Gabriel Valley. Constructed in 1976, this asset has been immaculately maintained, reflecting long-term stewardship and pride of ownership, as evidenced by the fact that it has not been on the market in 39 years. The property sits on a 0.19-acre lot and offers 5,916 rentable square feet, featuring secure gated parking and on-site laundry facilities for resident convenience. The property features a diverse unit mix, consisting of one three-bedroom/three-bathroom unit and four two-bedroom/two-bathroom units, with an average unit size exceeding 1,180 square feet. Its highly desirable location is within walking distance of downtown Alhambra, 99 Ranch Market, and the Regal Alhambra Renaissance, commanding strong and consistent rental demand. Investors will find a clear path to income growth, as the property currently operates as a turnkey asset with a pro-forma rent potential that targets a 5.10% CAP rate. This combination of an irreplaceable location, oversized vintage floor plans, and built-in rental upside positions this property as a high-quality asset for those seeking long-term stability and performance in the heart of the San Gabriel Valley.

Neighborhood

This property is located in Alhambra. Want to learn more about the area?

Listing courtesy of Colliers International Greater Los Angel

Listing data from CRMLS. Deemed reliable but not guaranteed.