1417 S Atlantic Blvd is a well maintained 36-unit multifamily investment located in the desirable City of Alhambra, California. This value-add apartment has been in the same ownership since 1990s, providing significant rental upside. The property is situated on the prominent Atlantic Blvd crossing the famed Valley Blvd where a myriad of retail stores, shopping centers and redevelopment projects are located. It is conveniently located minutes away from FWY10 and Atlantic Times Square- a mega retail & residential project (200,000 square feet of retail stores and 210 luxury condominiums). It is under CA AB1482 rent control ordinance which allows highest annual rent increase (5% + CPI).
The property is a three-story building that was built in 1964 and situated on a 22,883 square feet lot. It offers a strong unit mix of a 3 bedroom+2 bathroom unit, nine 2 bedroom+2 bathroom units, and twenty six LARGE 1bedroom + 1bathroom units. It has an attractive curb appeal and high visibility due to its strategic location. The property has ±31 private balconies and 1 large private patio, swimming pool, interior courtyard, and a shared laundry facility (seller owns the machines). It has an elevator and secured entrance.
Each unit is bright and spacious. Some units have been beautifully updated with hardwood floors, refurbished cabinetries, and other renovations. Most of the units have a private balcony/patio. One of the 2bed unit has a 2-story townhouse style layout. The property has total of 54 parking spaces and an additional 2 car garage that is currently used as a storage facility. It has a secured gated parking and controlled access.
The property is situated on the southwest side of Atlantic Blvd and Valley Blvd intersection and minutes away from FWY 10, Atlantic Times Square, and other national and local retailers along Valley Blvd. Atlantic Time Square is the focal point of the city and offers an array of restaurants, retail stores, as well as AMC theatre and 24 Hour Fitness. This location offers unparalleled convenience to tenants with its abundant access to public transportation and quick access to downtown Los Angeles via FWY 10.