5055 Alhambra Avenue

Description

Multifamily Value-Add Opportunity* Multifamily apartment building built in 2008, offered at a base cap rate of 5.26% with a 7.20% proforma cap rate* Seller carryback financing for a quick close* The property includes three large units with various room configurations; the bottom floor consists of 4 rooms, each with a bathroom, kitchenette, and shared space with a full kitchen; the top 2 floors contain 3 rooms per floor, each with a bathroom, kitchenette, and shared space with a full kitchen. Additionally, the second floor has a rentable office with a bathroom and kitchenette. The top floor has a large patio/deck for the entire building to enjoy** Rental upside of 28% through strategic renovations of units and shared living spaces* The property is not subject to Los Angeles City Rent ControlStrong Multifamily Fundamentals* El Sereno home sale prices have risen 11.4% over the last year* El Sereno home values predicted to increase 8.1% in the next year* Submarket asking rents expected to rise 19.3% over the next five years* Submarket occupancy averaged 97.3% over the past five years* Renters make up 45.2% of housing population within a one-mile radius* Average household income of $101,380 within a five-mile radius and expected to rise 20.9% over next five yearsWell-located near Burbank, Pasadena and Downtown Los Angeles* Proximity to popular local shopping and dining spots, including Vittoria Pizza and THE SPOT Restaurant* Easy access to the I-5 and 10 Freeways, connecting the property to the greater Los Angeles Area* Just a short 3 minute drive to California State University, Los Angeles, and a 15 minute drive to Dodger Stadium* Nestled between Burbank, Pasadena, and Downtown Los Angeles just a few miles in either direction.**Market Overview **: El Sereno is a serene neighborhood situated in the central region of Los Angeles County. Nestled between Sierra Vista, Monterey Hills, and Montecito Heights, this quaint community provides a family-oriented environment for its roughly 2,800 inhabitants. El Sereno also boasts a wellstructured education system with institutions like El Sereno Elementary, which consistently ranks as one of the best schools in the region. With close ties and a robust academic framework, it is no wonder the city is considered a great place to live. With a sturdy educational foundation, more than 40% of residents have earned college degrees and are gainfully employed in construction, management, sales, and administrative support. With easy access to the 110 Freeway, El Sereno is conveniently located approximately three miles from Pasadena and less than four miles northeast of Downtown Los Angeles. The charming suburb offers the perfect escape to bustling city life. Residents enjoy visiting Budd Weiner Park and Hawk On Hand Falconry wildlife park for recreation. With this relaxed environment, the multifamily landscape in El Sereno continues to exhibit significant growth potential, with an average market rent per unit of $2,131. The larger Downtown/Central Los Angeles multifamily market has seen an increase in effective rents climbing to 7.2% year-over-year. Despite the economic uncertainty and rising interest rates, market fundamentals remain strong, with sales activity recording $6.5B in total volume for Q2 2022. *