318 Palmetto, Alhambra, California 91801, Alhambra, 91801 - 4 bed, 3 bath
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Alhambra, California 91801
This Value-Add Residential Income Duplex is a Strong Value Opportunity, listed at $1,088,000—positioned well below the $1,152,802 Fair Market Value by 5%. This valuation gap offers $64,802 in Instant Equity for buyers. Carrying a Condition Rating of 4, the property features significant upside via ADU Conversion Potential and ALRPD Zoning for high-density development. Located near Top-Rated Schools including South Pasadena Senior High (9/10), it perfectly balances investment logic with house-hacking potential. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 318 Palmetto Subject | $1,088,000* List Price | 4 | 3 | 1,790 | $644 | - |
A 113 S 5th Street Sold | $1,095,000 | 0 | 0 | 1,873 | $585 | 0.4 mi |
B 233 N Olive Avenue Sold | $1,080,000 | 5 | 3 | 2,144 | $504 | 0.8 mi |
C 320 S Cordova Active | $1,195,000 List Price | 4 | 2 | 1,568 | $762 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1923, this property is functional but dated. The kitchen features oak cabinetry and white appliances likely 20-30 years old. While the listing describes it as well-maintained by long-term tenants, the 'value-add' designation and 'as-is' status indicate it needs cosmetic updates and minor repairs to meet modern market standards.
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’s ALRPD zoning and detached garage provide a premier opportunity for ADU conversion, allowing investors to potentially transform this duplex into a high-yield three-unit compound.
With separate addresses, private entrances, and independent utility meters for gas and electricity, the units offer the privacy and operational autonomy of two distinct homes.
Built in 1923 and sold in 'As-Is' condition, the property may require significant capital expenditure to modernize aging systems and structural components common in century-old buildings.
The presence of long-term tenants and restricted showing access for pre-qualified buyers only may complicate the due diligence process and delay immediate repositioning or renovation plans.
Welcome to this rare value-add investment opportunity on a prime corner lot near the heart of Alhambra. This duplex features two distinct identities: 318 Palmetto Dr (3BR/2BA) and 808 S 4th St (1BR/1BA), each with private entrances and independent utility meters (Gas/Electric). The interior has been well-maintained by long-term tenants, featuring clean kitchens and solid flooring throughout. Minutes away from Downtown Alhambra’s dining and entertainment. Property carries the ALRPD* (Residential Planned Development) designation, offering high-density upside. Per Alhambra’s 2026 standards, the detached garage is a premier candidate for ADU conversion, potentially creating a high-yield 3-unit compound. Currently occupied by cooperative, long-term tenants on month-to-month leases; perfect for an investor or a homeowner seeking a "house-hack" with serious equity-growth potential. Sold “As-Is.” Buyer to independently verify all zoning, permits, and development potential with the City of Alhambra. Please do not disturb tenants; showings reserved for pre-qualified buyers. Note: Hero image has been digitally enhanced for twilight lighting per AB 723; original daylight photo follows in media sequence.
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 | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 0.0 | 55% |
| Baths | 3.0 | 0.0 | 64% |
| Square foot | 1,790 | 1,873 | 45% |
| Lot Size | 6,242 | 6,560 | 27% |
| Price | $1.09M | $1.09M | 50% |
| Price per sq ft | $608 | $608 | 50% |
| Built year | 1923 | 1924 | 45% |
| HOA | $0 | $0 | 50% |
| Days on market | 2 | 141 | 9% |
Apr 20, 2026
$1,088,000
Initial Listing
Nov 15, 2013
$570,000
Public Record