346 San Marcos Street, San Gabriel, California 91776, San Gabriel, 91776 - bed, bath

346 San Marcos Street, San Gabriel, California 91776 home-pic-0
ACTIVE$5,300,000
346 San Marcos Street, San Gabriel, California 91776
0Bed
0Bath
10,228Sqft
14,080Lot
Year Built
1989
Close
-
List price
$5.3M
Original List price
$5.3M
Price/Sqft
$518
HOA
-
Days on market
-
Sold On
-
MLS number
PF25112907
Home ConditionFair
Features
View-

About this home

We found 3 Cons,5 Pros.

First time on the market in 24 years! Situated in the heart of San Gabriel’s Mission District, this well-maintained 10-unit apartment building features a unit mix of 3br/2ba and 2br/2 ba units on an expansive 14,000 SF lot. Each unit includes central AC/heating, individual water heaters, and some units feature in-unit laundry, newer flooring, and a freshly painted interior. Gas and electric are individually metered, and there is one master water meter serving the property. On-site amenities include dedicated covered parking spaces for all units and common laundry facility. Most units are occupied by long-term tenants, providing immediate income and upside potential for rent growth. The property sits in a high-demand rental market with a Walk Score of 81, located in close proximity to the retail centers along Las Tunas, San Gabriel Valley Medical Center and key commuter corridors including Valley Blvd and Alhambra’s Main St., and easy access to neighboring cities of San Marino and Alhambra. This property offers immediate income, future appreciation, and long-term investment value in one of the most desirable neighborhoods in the San Gabriel Valley.

Condition Rating
Fair

The property was built in 1989, making it 35 years old. While described as 'well-maintained' and featuring 'newer flooring' and 'freshly painted interior' in some units, the overall style and infrastructure reflect its age. The kitchen, though clean and functional with updated laminate flooring and stainless steel dishwasher, features basic white cabinets and speckled countertops that are not contemporary. Light fixtures are basic. The property fits the 'Fair' criteria as it is aged but maintained through regular upkeep and occasional updates, with major components functional but showing signs of being outdated, and no major renovations since construction.
Pros & Cons

Pros

Prime Location & High Demand: Situated in the heart of San Gabriel's Mission District with a Walk Score of 81, offering excellent access to retail, medical facilities, and commuter corridors in a high-demand rental market.
Strong Income & Rent Growth Potential: The property provides immediate income with significant upside potential for rent growth, especially given the long-term tenancy suggesting current rents may be below market.
Tenant-Friendly Unit Features: Each unit includes central AC/heating and individual water heaters, with some units boasting in-unit laundry, newer flooring, and fresh paint, enhancing tenant appeal and retention.
Reduced Owner Operating Costs: Gas and electric utilities are individually metered for each unit, shifting these significant operating expenses to tenants and improving the property's net operating income.
Well-Maintained & Stable Asset: Described as a well-maintained building, on the market for the first time in 24 years, indicating a stable asset with a history of good upkeep and potentially lower immediate capital expenditure.

Cons

Master Water Meter: The presence of a single master water meter for the entire property means the owner bears the full cost of water consumption, which can be a substantial and uncontrolled operating expense.
Rent Roll Optimization Required: While offering rent growth potential, the presence of long-term tenants suggests current rents may be below market, requiring active management and potential tenant turnover to achieve full market value.
Aging Infrastructure (1989 Build): Built in 1989, the property's core systems (e.g., plumbing, electrical, roof) are 35 years old, potentially necessitating future capital expenditures for major replacements or upgrades despite being well-maintained.

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