1910-1918 Lincoln Avenue
Multifamily | 16 Units | $228,125/unit
Marketing description
***Highest Cap Rate (5.97%) and Lowest GRM (10.80) in Pasadena***Marcus & Millichap is pleased to present 1910-1918 Lincoln Ave - two separate, eight unit (16) value-add apartment buildings located in Pasadena. This property offers an investor the opportunity to renovate common areas / unit interiors to increase current rents which are approximately 12% under market. The property features an excellent unit mix of (12) one-bedroom/one-bathroom units, (2) two-bedroom/one-bathroom units and (2) studios. The two buildings total to 8,430 square feet and sit on a 14,307 square foot lot zoned PSR1.
Located just a couple of miles north of Old Town Pasadena in the Lincoln-Villa neighborhood, 1910-1918 Lincoln Ave boasts a walk score of 80 (very walkable) and is close in proximity to a variety of local gyms, markets, schools and eateries. This Pasadena neighborhood sits just east of the Rose Bowl and is a short drive away to La Cañada Flintridge and Altadena. Conveniently positioned near the 210, 134 and 110 freeways, residents have an easy commute to Downtown LA, Eagle Rock, Highland Park and the rest of the San Gabriel Valley. The property is also nearby several of Pasadena’s A Line Stations providing convenient westbound access to DTLA, Hollywood, Koreatown and LAX.
Investment highlights
Highest Cap Rate/Lowest GRM in Pasadena: 5.97% Cap Rate and 10.80 GRM on current income
Favorable Unit Mix: Excellent unit mix consisting of (2) two-bedroom/one-bathroom units, (12) one-bedroom/one-bathroom units and (2) studios
Walk Score 80: Property has Walk Score of 80 (very walkable) and it is just down the street from Homestate, Stumptown Coffee Roasters, Super King Markets, 24 Hour Fitness and right across from John Muir High School
Proximity to 210, 134 and 110 Freeways: Residents have easy commute to Downtown LA, Eagle Rock, Highland Park, La Cañada Flintridge and the rest of the San Gabriel Valley
Located Near Public Transit (A Line): close in proximity to several of Pasadena’s A Line Stations providing convenient westbound access to DTLA, Hollywood, Koreatown and LAX
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