437 S 1st Street, Alhambra, California 91801, Alhambra, 91801 - bed, bath
ACTIVE$1,950,000
437 S 1st Street, Alhambra, California 91801
0Bed
0Bath
3,662Sqft
7,499Lot
Year Built
1979
Close
-
List price
$1.95M
Original List price
$1.95M
Price/Sqft
$532
HOA
-
Days on market
-
Sold On
-
MLS number
WS23006299
Home ConditionPoor
Features
Patio
View-
About this home
We found 3 Cons,6 Pros. Rank: price - $1.95M(92th), sqft - 3662(92th), beds - undefined(50th), baths - undefined(50th).
3 Condo style units. Great location. Good unit mix: 1 unit has 3bed and 2.5 baths, 2 units have 2bed/1.5 baths. Long term tenants. Rent is way below market rent. Huge Huge upside. Drive by only, please do not disturb tenants. Sold AS IS
Nearby schools
9/10
Marengo Elementary School
Public,•K-5•1.9mi
7/10
Emerson (Ralph Waldo) Elementary School
Public,•K-6•2.0mi
6/10
Dewey Avenue Elementary School
Public,•K-6•2.0mi
3/10
Cesar Chavez Elementary School
Public,•K-6•2.5mi
8/10
Monterey Hills Elementary School
Public,•K-5•2.5mi
5/10
Sierra Park Elementary School
Public,•K-6•2.6mi
6/10
City Terrace Elementary School
Public,•K-5•3.5mi
5/10
William Northrup Elementary School
Public,•K-8•0.8mi
5/10
Granada Elementary School
Public,•K-8•0.9mi
7/10
Ramona Elementary School
Public,•K-8•0.9mi
7/10
Garfield Elementary School
Public,•K-8•1.0mi
7/10
Park Elementary School
Public,•K-8•1.1mi
8/10
Martha Baldwin Elementary School
Public,•K-8•1.2mi
6/10
Marguerita Elementary School
Public,•K-8•1.2mi
6/10
Emery Park Elementary School
Public,•K-8•1.7mi
7/10
Ynez Elementary School
Public,•K-8•1.9mi
9/10
South Pasadena Middle School
Public,•6-8•1.9mi
4/10
Fremont Elementary School
Public,•K-8•1.9mi
6/10
Garvey (Richard) Intermediate School
Public,•7-8•2.3mi
6/10
Jefferson Middle School
Public,•6-8•2.8mi
8/10
Monterey Highlands Elementary School
Public,•K-8•2.9mi
5/10
El Sereno Middle School
Public,•6-8•3.1mi
7/10
Alhambra High School
Public,•9-12•0.5mi
8/10
San Gabriel High School
Public,•9-12•1.0mi
9/10
Mark Keppel High School
Public,•9-12•1.4mi
3/10
Del Mar High School
Public,•10-12•1.6mi
8/10
Gabrielino High School
Public,•9-12•2.0mi
9/10
South Pasadena Senior High School
Public,•9-12•2.2mi
4/10
Woodrow Wilson Senior High School
Public,•9-12•3.7mi
5/10
Abraham Lincoln Senior High School
Public,•9-12•4.7mi
Condition Rating
Poor
Built in 1979, this property is 45 years old and shows significant signs of age with no apparent major renovations. The images reveal very dated kitchens with original-style light wood cabinets, laminate countertops, older white appliances, and worn linoleum/vinyl flooring. Bathrooms feature outdated vanities, lighting, and small square tiles. Carpeting throughout appears worn. The 'Sold AS IS' condition further suggests that substantial repairs and rehabilitation are required to bring the units to modern standards and maximize their potential, aligning with the criteria for a 'poor' condition score.
Pros & Cons
Pros
Great Schools: Elementary School: Marengo Elementary School (9/10). Middle School: South Pasadena Middle School (9/10). High School: South Pasadena Senior High School (9/10).
Income-Generating Triplex: The property consists of three condo-style units, providing multiple rental income streams and appealing to investors seeking diversified returns.
Significant Upside Potential: Current rents are explicitly stated as 'way below market rent,' indicating substantial opportunity for future rent increases and enhanced cash flow.
Desirable Unit Mix: The property offers a good unit mix with one 3-bedroom/2.5-bath unit and two 2-bedroom/1.5-bath units, catering to a broader range of tenant needs.
Prime Alhambra Location: Situated in Alhambra, a desirable Southern California city, which typically supports strong rental demand and property value appreciation.
Long-Term Tenant Stability: The presence of long-term tenants can indicate a stable occupancy history and potentially reduced turnover costs, despite current below-market rents.
Cons
Sold 'AS IS' Condition: The property is sold 'AS IS,' suggesting potential for deferred maintenance, necessary repairs, or upgrades that would require additional investment from the buyer.
Tenant Access Restrictions: The instruction 'Drive by only, please do not disturb tenants' indicates challenges for property showings and potential difficulties in tenant relations for future rent adjustments or renovations.
Sub-Optimal Current Cash Flow: While offering future upside, the current 'way below market rent' means immediate rental income is not maximized, impacting initial cash flow and requiring strategic tenant management.