318 Palmetto, Alhambra, California 91801, Alhambra, 91801 - 4 bed, 3 bath
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Alhambra, California 91801
This Strategic Residential Income Duplex is a Strong Value Opportunity, listed at $1,088,000—positioned well below the $1,147,921 Fair Market Value by 5%. This valuation gap provides $59,921 in Instant Equity. Delivered 100% vacant, the property features a Condition Rating of 4 with significant upside via ALRPD Zoning and a detached garage primed for ADU Conversion. Located near Top-Rated Schools with a Walk Score of 88, it is a premier choice for Owner-Occupants seeking a house-hack or Value-Add Investors targeting high-yield compounds.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 318 Palmetto Subject | $998,000* List Price | 4 | 3 | 1,790 | $558 | - |
A 312 N Marguerita Avenue Sold | $1,202,000 | 4 | 2 | 1,925 | $624 | 0.9 mi |
B 113 S 5th Street Sold | $1,095,000 | 0 | 0 | 1,873 | $585 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Originally built in 1923, the property shows signs of a renovation that is likely 20-25 years old. The kitchen features dated oak-style cabinetry and older white appliances, and the presence of wall heaters indicates older climate control systems. While clean and functional, the home is dated and requires cosmetic and system updates.
Elementary School: Marengo Elementary School (9/10). Middle School: South Pasadena Middle School (9/10). High School: South Pasadena Senior High School (9/10).
Delivered 100% vacant, this property allows for immediate market-rate leasing or owner-occupancy without the complications of tenant relocation fees or rent control buyout delays.
The ALRPD designation and detached 2-car garage offer a prime opportunity for a 2026-compliant ADU conversion, providing a clear path to transforming the site into a high-yield three-unit compound.
Originally constructed in 1923, the property may require significant capital expenditures for modernizing systems and structural maintenance compared to newer residential income assets.
At a list price of $1.088M for a century-old duplex, the initial investment may result in tighter immediate cash flow until the ADU potential is realized or further renovations are completed.
NEW PRICE ADJUSTMENT! Incredible opportunity under $1M for this rare, completely detached dual-residence compound located in the highly coveted 91801 zip code of Alhambra! Situated on a prime corner lot, this unique property features two entirely separate homes with independent addresses, making it the perfect layout for multigenerational living, a major work-from-home setup, or an owner-occupant looking for a secondary unit to maximize property utility. The light-filled front residence features a spacious 3-bedroom, 2-bathroom layout. Quietly situated at the rear is a completely standalone, private 1-bedroom, 1-bathroom home. Best of all, the entire compound is delivered 100% VACANT and ready for its next chapter—no tenant complications or lease delays! Enjoy a Walk Score of 88, putting you just blocks from Downtown Alhambra's Main Street dining, coffee shops, and the Sunday Farmers Market. Everyday conveniences like Costco and Target are less than a mile away, and the property sits within the top-tier Martha Baldwin (K-8) and Alhambra High School boundaries. With effortless access to the 10 and 710 freeways, this is the ultimate clean slate for investors, developers, and owner occupants.
No exterior & parking available.
Grades K-6 • 1.9 mi
Grades K-5 • 1.9 mi
Grades K-6 • 2.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 5.0 |
| Baths | 3.0 | 3.0 |
| Square foot | 1,790 | 2,514.5 |
| Lot Size | 6,242 | 8,353 |
| Price | $998.0K | $1.33M |
| Price per sq ft | $558 | $549 |
| Built year | 1923 | 1929 |
| HOA | $0 | $0 |
| Days on market | 93 | 45 |
Jun 9, 2026
$998,000
$1,088,000
-8% Price Drop
Initial Listing
Apr 20, 2026
$1,088,000
Initial Listing
Nov 15, 2013
$570,000
Public Record