513 N Palm Avenue, Alhambra, California 91801, Alhambra, 91801 - 0 bed, 0 bath
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Alhambra, California 91801
This High-Potential Residential Income Triplex is listed at $2,250,000—positioned below the $2,255,328 Fair Market Value by 0.2%. This valuation offers $5,328 in Instant Equity for a property with a Condition Rating of 4. The asset is anchored by a massive 15,120 sqft lot with 100 feet of frontage directly across from Alhambra Park. Featuring Park and Greenbelt views and access to 9/10 rated South Pasadena schools, the property provides immense Development Potential. This is a strategic acquisition for Buy-and-Hold Investors or Developers seeking long-term upside.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 513 N Palm Avenue Subject | $2,250,000* List Price | 0 | 0 | 3,751 | $601 | - |
A 2306 W Alhambra Road Active | $1,850,000 List Price | 0 | 0 | 3,060 | $605 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property is a 1923-built triplex that appears well-maintained but significantly outdated. The kitchens feature older white appliances, dated cabinetry, and worn linoleum flooring. Living areas show original hardwood floors with visible wear and older wall heating units. While the structure is functional and move-in ready for tenants, the lack of recent renovations to major systems, kitchens, and bathrooms places it firmly in the fair category.
Elementary School: Marengo Elementary School (9/10). Middle School: South Pasadena Middle School (9/10). High School: South Pasadena Senior High School (9/10).
Situated directly across from Alhambra Park and minutes from South Pasadena, the property offers desirable park views and proximity to top-rated schools, including South Pasadena Senior High.
The massive 15,120 square foot lot with 100 feet of frontage provides a rare opportunity for future expansion or high-density redevelopment in a sought-after North Alhambra neighborhood.
Built in 1923, the property likely requires significant capital investment to modernize aging systems and maintain the structural integrity of a century-old building.
The current list price of $2.25M represents a substantial premium over its $1.8M sale price in early 2024, which may challenge immediate cap rate expectations for investors.
Rare triplex opportunity in a prime Alhambra location directly across from Alhambra Park. The property features approximately 100 feet of frontage, offering excellent potential for future development or long-term investment. The unit mix consists of three 2-bedroom, 1-bath units (front, side, and top) along with a shared laundry area. The property also includes a spacious backyard, detached garage, workshop, storage room, and additional carport parking. Ideally located near the desirable North Alhambra neighborhoods, just south of Alhambra Road and minutes from South Pasadena, this property combines a sought-after location with strong upside potential.
No exterior & parking available.
Grades K-5 • 0.8 mi
Grades K-5 • 1.1 mi
Grades K-6 • 1.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 3,751 | 2,144 | 91% |
| Lot Size | 15,120 | 7,505 | 82% |
| Price | $2.25M | $1.09M | 91% |
| Price per sq ft | $600 | $600 | 50% |
| Built year | 1923 | 1924 | 45% |
| HOA | $0 | $0 | 50% |
| Days on market | 30 | 141 | 9% |
Mar 23, 2026
$2,250,000
Initial Listing
Mar 26, 2024
$1,800,000
Public Record
Sep 6, 2023
$1,800,000
Public Record