Ramona Garden Apartments | 3104-3208 W Ramona Rd
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Ramona Garden Apartments 3104-3208 W Ramona Rd
79 Unit Apartment Building $32,601,810 CAD ($412,681 CAD/Unit) 4.02% Cap Rate Alhambra, CA 91803
Investment Highlights
- Assumable interest only rate at 3.75%, Maturity date is February 2027
- Value-add opportunity with rental upside, current rents are below market
- Within 3 minutes drive or 1.4 miles to CAl State LA
- More than 50% of the units have been upgraded.
- No City rent control
Executive Summary
Re/Max 2000 Commercial, as the exclusive listing agent, is pleased to present the opportunity to acquire Ramona Garden Apartments , a 77 + 3 non-conforming unit multifamily asset in Alhambra, a core market in the San Gabriel Valley.
Ramona Garden Apartment located in City of Alhambra approximately 1 mile to California State University Los Angeles. Conveniently located near restaurants, shopping and school. Close to Freeway 10 and 710.
The Ramona Garden apartment has a desirable location and offers a new investor high rental potential with a stable resident profile. This strategically located, two-story structures were built in 1960, has a 52,300 square feet of improvements on 106,387 square feet lot and consists of 11 units Studio, 27 units of 1 bedroom and 1 bathroom, 39 units of 2 bedrooms and 1 bathroom, and 3 non-conforming units with 3 bedrooms and 1 bathroom. Each building has one laundry room. With over 50% has been remodeled with new kitchen, granite countertops, new cabinet, stove, new tile and flooring, bathroom with new vanity and bathtub. All apartment has individual window air condition, electric stove and electric water heater.
INVESTMENT HIGHLIGHTS
Value-Add Opportunity with Rental Upside
Strong rental demand
Rent are below market
More than 50% of the units has been upgraded
No city rent control
TERMS OF SALE
The property is being offered with existing in-place financing:
Loan amount: $11,850,000
Interest: 3.75% I/O
5 year loan
Loan matures in February 2027
Ramona Garden Apartment located in City of Alhambra approximately 1 mile to California State University Los Angeles. Conveniently located near restaurants, shopping and school. Close to Freeway 10 and 710.
The Ramona Garden apartment has a desirable location and offers a new investor high rental potential with a stable resident profile. This strategically located, two-story structures were built in 1960, has a 52,300 square feet of improvements on 106,387 square feet lot and consists of 11 units Studio, 27 units of 1 bedroom and 1 bathroom, 39 units of 2 bedrooms and 1 bathroom, and 3 non-conforming units with 3 bedrooms and 1 bathroom. Each building has one laundry room. With over 50% has been remodeled with new kitchen, granite countertops, new cabinet, stove, new tile and flooring, bathroom with new vanity and bathtub. All apartment has individual window air condition, electric stove and electric water heater.
INVESTMENT HIGHLIGHTS
Value-Add Opportunity with Rental Upside
Strong rental demand
Rent are below market
More than 50% of the units has been upgraded
No city rent control
TERMS OF SALE
The property is being offered with existing in-place financing:
Loan amount: $11,850,000
Interest: 3.75% I/O
5 year loan
Loan matures in February 2027
Property Facts
Unit Amenities
- Heating
- Kitchen
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 11 | - | 450 |
| 1+1 | 26 | - | 600 |
| 2+1 | 39 | - | 750 |
| 3+1 | 3 | - | 1,000 |
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PROPERTY TAXES
| Parcel Number | 5254-013-047 | Improvements Assessment | $8,489,610 CAD |
| Land Assessment | $5,433,346 CAD | Total Assessment | $13,922,956 CAD |
PROPERTY TAXES
Parcel Number
5254-013-047
Land Assessment
$5,433,346 CAD
Improvements Assessment
$8,489,610 CAD
Total Assessment
$13,922,956 CAD
zoning
| Zoning Code | RPD |
| RPD |
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Ramona Garden Apartments | 3104-3208 W Ramona Rd
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