224 N Olive, Alhambra, California 91801, Alhambra, 91801 - 0 bed, 0 bath
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Alhambra, California 91801
This Spanish-style duplex represents a High-Potential Investment Opportunity, listed at $1,180,000—positioned well above the $1,022,075 Fair Market Value. While the property requires significant capital for its Condition Rating of 5, the 8,911 sqft lot in a high-density residential zone offers substantial upside. With architect-designed plans to add three units, this asset is ideal for Buy-and-Hold Investors or Developers seeking to leverage immediate rental income while executing a long-term value-add strategy near downtown Alhambra.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 224 N Olive Subject | $1,180,000* List Price | 0 | 0 | 1,734 | $589 | - |
A 312 N Marguerita Avenue Sold | $1,202,000 | 4 | 2 | 1,925 | $624 | 0.1 mi |
B 113 S 5th Street Sold | $1,095,000 | 0 | 0 | 1,873 | $585 | 0.4 mi |
C 2517 Birch Sold | $1,250,000 | 0 | 0 | 2,391 | $523 | 0.9 mi |
D 318 Palmetto Active Under Contract | $998,000 List Price | 4 | 3 | 1,790 | $558 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1939 (85 years old) with no mention of major renovations to core systems. The presence of window AC units indicates a lack of central HVAC, and the interior images show dated finishes. The listing's focus on high-density zoning and the potential to add three more units suggests the value is primarily in the land and development potential rather than the current condition of the existing structure, which likely requires a full rehab.
Elementary School: Marengo Elementary School (9/10). Middle School: South Pasadena Middle School (9/10). High School: South Pasadena Senior High School (9/10).
The property is situated on a large 8,911 sqft lot within a high-density residential zone, featuring architect-designed plans to add three additional units for maximum land utility.
Located near vibrant downtown Alhambra, the property offers excellent walkability and appeal to tenants, ensuring high demand and long-term appreciation.
Originally built in 1939, the existing structures may require significant maintenance or costly system upgrades to meet modern building standards and tenant expectations.
The list price reflects the property's future density potential rather than its current footprint, requiring a buyer with substantial additional capital to execute the proposed construction plans.
Excellent investment opportunity. Great location with nice environment near down town Alhambra. Spanish style 2 unit duplex on the 8911 square foot lot, which is at residential high density zone that allow you to build 6 units (4 main units plus 2 ADUs) on the lot, and the property owner has the plan design by the architect, which can be provided to the buyers. You can apply for the building permits while still collecting rent from the existing tenants. Don't miss this great investment opportunity. No contingency on Seller's 1031 exchange.
No exterior & parking available.
Grades K-5 • 1.2 mi
Grades K-5 • 1.8 mi
Grades K-6 • 1.9 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 5.0 |
| Baths | 0.0 | 3.0 |
| Square foot | 1,734 | 2,514.5 |
| Lot Size | 8,911 | 8,353 |
| Price | $1.18M | $1.33M |
| Price per sq ft | $681 | $549 |
| Built year | 1939 | 1929 |
| HOA | $0 | $0 |
| Days on market | 16 | 45 |
Jul 6, 2026
$1,180,000
Initial Listing
Aug 31, 2012
$553,000
Public Record