Listed by Growth Investment Group
$2,850,000
Well-maintained 9-unit near Old Town Pasadena
Details
APN 5731006024
Property Type Multifamily
Sub Type Apartment Building
Square Footage 7,222
Units 9
Cap Rate 5.56%
NOI $158,413
Occupancy 89%
Pro-Forma Cap Rate 7.55%
Pro-Forma NOI $215,248
Price per SqFt $395
Broker Co-Op Yes
Class C
Year Built 1963
Buildings 1
Stories 2
Acreage 0.291
Zoning Assessor
Parking Spaces 9 spaces
Parking Per SqFt 1.25
Investment Type Value Add
Ground Lease No
Ownership FEE SIMPLE
Beautifully Maintained 9-units Value-add Mid-Century-Modern apartment blocks of Old Town Pasadena
Marketing description
Beautifully Maintained 9-units Value-add Mid-Century-Modern apartment several blocks north of Old Town Pasadena. Excellent Unit Mix, Large 12,685 SF Lot, can do 9 ADUs, Excellent going-in CAP Rate with High Proforma CAP Rate, Many CapEX recently completed! A very well-maintained 9-unit value-add apartment in the City of Pasadena. Situated only several blocks north of Old Town Pasadena, 2 blocks west of Los Robles Ave, and just within walking distance of many dining, shopping, and other attractions in Pasadena. It is situated on a quiet residential street surrounded by high-priced bungalows/single family houses. The investment offers a high 5.7% CAP Rate making this a very attractive investment on day 1. The property is a garden style walk-up 2 story apartment with excellent curb appeal. It has undergone various capital improvements which includes new exterior paints, new reasphalt driveway, and others. It offers superb unit mix with two (2) x 3bed+1bath and seven (7) x 2bed+1bath units, making it an easy unit mix to rent out. The property was built in 1963, has a total of 7,222 SF building size and is situated on a large 12,685 SF lot. Based on the building size, each unit averages about 802SF/unit (buyer to verify). Each unit is unique with distinct Mid-Century-Modern architectural layout with open floor settings, floor to ceiling windows, and many more attractive design features. All the ground floor units have private patio (buyer to verify). Approximately 3 units have been updated with luxury wood flooring, updated kitchen (quartz countertops, new kitchen cabinet), and
Investment highlights
INVESTMENT HIGHLIGHTS
- Prime value-add near Old Town Pasadena and Rose Bowl
- SUPERB demographics with ±$111,562 average household income within a 1-mile radius
- Quiet residential neighborhood with many high-priced bungalow houses
- In-place 5.70% CAP Rate with 7.60% Proforma CAP Rate, Cash Flow with 40%-45% Down Payment
- Walk Score 78, Bike Score 91
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Very well-maintained community with excellent curb appeal and many recent capital improvements
- Excellent mix unit with All 3bedroom and 2bedroom units
- Excellent location in a mature and quiet residential area, surrounded by single family houses and smaller 2-4 units residential properties
- Large building on a large lot (avg unit size ±802SF)
- All ground floor units have large private patio area
- 9 carport parking without any living space above; no soft story retrofit is required
- Possibility to add 9 ADUs (buyer to verify!)
- Recently repainted exterior, 3 units have been updated, resurfaced driveway
- Separately metered for electricity and gas, shared laundry room
Listing Contacts
Listed by Growth Investment Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$158,413.00
$13,201.08/mo
Valuation Metrics
0
DSCR
5.56%
Cap Rate
5.56%
ROI
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