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$4,300,000
346 San Marcos Street, San Gabriel, California 91776
0Bed
0Bath
10,228Sqft
14,080Lot
Year Built
1989
Close
-
List price
$4.3M
Original List price
$4.3M
Price/Sqft
$420
HOA
-
Days on market
-
Sold On
-
MLS number
PF25253062
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.

Price History

Date
Event
Price
11/03/25
Listing
$4,300,000
08/17/01
Sold
$1,100,000
Condition Rating
Fair

Built in 1989, this property is 35 years old. While the description mentions 'some units feature newer flooring and a freshly painted interior,' and the images show a kitchen with updated white cabinets, granite countertops, and wood-look laminate flooring, these updates appear to be from 10-20 years ago rather than a recent, extensive renovation. The light fixtures are basic and dated, and the mirrored closet doors are consistent with the original build era. The property is well-maintained and functional, but the updates are not modern enough or recent enough to qualify as 'Good,' showing signs of being outdated in style and age, aligning with the 'Fair' category.
Pros & Cons

Pros

Prime Location & High Demand: Situated in the heart of San Gabriel’s Mission District with a Walk Score of 81, the property benefits from a high-demand rental market, proximity to retail, medical facilities, key commuter corridors, and desirable neighboring cities.
Immediate Income & Rent Growth Potential: Most units are occupied by long-term tenants, providing immediate, stable income with significant upside potential for rent growth as market rates increase or units turn over.
Desirable Unit Amenities: Each unit is equipped with central AC/heating and individual water heaters, enhancing tenant comfort and reducing landlord utility responsibilities for heating water.
Individual Utility Metering: Gas and electric are individually metered for each unit, effectively transferring these utility costs to tenants and improving the property's net operating income.
On-Site Covered Parking: The property offers dedicated covered parking spaces for all units, a valuable amenity in urban areas that adds convenience and appeal for tenants.

Cons

Master Water Meter: The property operates with one master water meter, meaning the landlord is responsible for the entire building's water bill, which can be a significant operating expense.
Inconsistent Unit Upgrades: While some units feature newer flooring and fresh paint, this implies not all units are updated, suggesting potential future capital expenditure to modernize remaining units and maximize rental income across the board.
Rent Growth Realization Strategy: Achieving the full upside potential for rent growth from long-term tenants may require strategic management, potentially involving tenant turnover or careful rent adjustments, which can be a sensitive and time-consuming process.

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