Close to 7% Proforma CAP Rate. First time for sale for more than ±34 years. A prime 5-unit value add deal located in north Alhambra and just steps away from downtown Alhambra on Garfield Ave & Main St. It is situated on Garfield Ave and adjacent to both San Marino and South Pasadena; yet it provides convenience to tenants due to its strategic location just within minutes to many area amenities like shopping (Costco, Target), Alhambra Park, schools, churches, downtown Alhambra on Main Street, and easy access to FWY 10 and FWY 110 via Fremont Ave. This property offers investors an opportunity to buy an easy to manage and rent apartment in the best location of Alhambra. Most tenants are on month-to-month rental agreement providing immediate upside on rent increases. The area does not have any local rent control (it is under California AB1482 rent control).
The property is a two-story garden style apartment that was built in 1963. It has an unusual large building size of ±4,226 SF which translates to large average unit size of ±845 SF/unit. It is on a large ±7,490 SF lot. It has an excellent unit mix of one (1) x large 2bed+1.5bath+den, two (2) x 2bed+1bath, and two (2) x 1bed+1bath units. The 2bed+1bath+den is an unusually large ±1100-±1200SF unit (buyer to verify). Some of the unit(s) have updated flooring. The kitchen and bathroom are not upgraded. Most of the units are well maintained. The current income is estimated ±80% below market (buyer to verify), thus providing an attractive investment for a savvy multifamily investor.
The property has a total of 8 parking spaces provided by 5 carport spaces, 2 tuck-under parking, and 1 garage that is being used as a storage room. There is no parking soft story retrofit requirement in Alhambra. There is a shared laundry room – machines are seller’s own. Each unit is separately metered for electricity and gas.
The property is strategically located in the north Alhambra area, considered to be one of the best locations in Alhambra. This area is adjacent to the City of South Pasadena and City of San Marino. The property is within walking distance to Costco, Target, and minutes away from Downtown Alhambra on Atlantic & Main which include many restaurants, shopping and entertainment such as: Edwards Alhambra Renaissance 14 & IMAX, Burlington Coat Factory, 38 Degree Ale House & Grill, The Granada LA, and almost all amenities the City of Alhambra has to offer.
For sale
Listing Provided by:
Han Chen DRE #01749321 han.chen@growthinvestmentgroup.com,
Growth Investment Group Pasade
$1,580,000
428 N Garfield Ave, Alhambra, CA 91801
8beds
6baths
4,226sqft
Est.:
Multi Family
Built in 1963
-- sqft lot
$1,590,600 Zestimate®
$374/sqft
$-- HOA
What's special
Updated flooring
- 9 days
- on Zillow |
- 372 |
- 20 |
Zillow last checked: 7 hours ago
Listing updated: July 31, 2025 at 08:57am
Listing Provided by:
Han Chen DRE #01749321 han.chen@growthinvestmentgroup.com,
Growth Investment Group Pasade
Source: CRMLS,MLS#: AR25171707
Originating MLS: California Regional MLS

Travel times
Tour with a buyer's agent
Tour with a buyer's agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 6
Heating
- Wall Furnace
Cooling
- Wall/Window Unit(s)
Appliances
- Included: Gas Range
- Laundry: Common Area
Features
- Flooring: Carpet, Laminate, Wood
- Has fireplace: Yes
- Fireplace features: Family Room
- Common walls with other units/homes: 2+ Common Walls
Interior area
- Total structure area: 4,226
- Total interior livable area: 4,226 sqft
Video & virtual tour
Property
Parking
- Total spaces: 8
- Parking features: Assigned
- Garage spaces: 1
- Carport spaces: 7
- Covered spaces: 8
Accessibility
- Accessibility features: None
Features
- Levels: Two
- Stories: 2
- Entry location: 1
- Pool features: None
- Spa features: None
- Fencing: None
- Has view: Yes
- View description: None
Lot
- Size: 7,493 Square Feet
- Features: Near Public Transit, Rectangular Lot, Street Level
Details
- Parcel number: 5337007005
- Zoning: ALRPD*
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
- Attached to another structure: Yes
Materials
- Foundation: Raised
- Roof: Asbestos Shingle
Condition
- New construction: No
- Year built: 1963
Utilities & green energy
- Electric: Standard
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Community & HOA
Community
- Features: Valley
Location
- Region: Alhambra
Financial & listing details
- Price per square foot: $374/sqft
- Date on market: 7/30/2025
- Listing terms: Cash,Cash to New Loan
- Total actual rent: 7013
- Tenant pays: Electricity, Gas
- Road surface type: Paved
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