0.27 Acres Lot
0.27 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR25196269
Construction Status Repairs Cosmetic,Updated/Remodeled
HOA Y/N No
Year Built 1955
Lot Size 0.271 Acres
Property Sub-Type Apartment
Property Description
a prime value-add multifamily investment opportunity located in one of the best areas in Pasadena. Situated in the Civic Center District and several properties away from the Pasadena Courthouse and City Hall, this property offers a SUPERB and unbeatable location, perfect for a savvy investor as a buy and hold asset. With this combination of a high-quality location and excellent unit mix, the property provides younger professional tenants with most of the attractions the City of Pasadena has to offer. Literally within walking distance to shopping, dining, and transportation, this location has a Walk and Bike Score of 88. The property is being offered for sale at below replacement costs for such a high-quality location and provides an attractive 5.51% Actual CAP Rate and a Low Price per unit.
The property is a two-story apartment with some upgrades. It was built in 1955 and has a total of 12,780 SF and situated on a ±11,811 SF Lot (Zoning is PSC – CD-MU-G). It is surrounded by a much higher density commercial/apartment building. Unlike other apartments in the area, this property has parking (9 spaces in the back) which provides excellent amenities to young professionals living in the building. It offers an excellent unit mix for this urban area with eight (8) large 1bed+1bath, seven (7) large Studio, five (5) junior Studio, and three (3) Bachelor (no kitchen) units. The unit mix is perfect and suitable for the location, as it encourages young professionals and a slightly higher turnover, all for a new owner to recapture the future market rent. The location would provide consistent and high demand for rental units like this.
Approximately 11 out of 23 units have had upgrades. Some units have new double pane windows, and the upgraded units have new wood flooring and updated plumbing. All units have smooth ceiling and excellent layout. Each unit is separately metered for electricity and gas. Parking is at the back of the lot. There is a total of 9 spaces with 8 assigned to units, and 1 is rented. There is an additional shared laundry room in the basement for the community, and a master water heater.
Location
State CA
County Los Angeles
Area 647 - Pasadena (Sw)
Zoning PSC-
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Vinyl, Wood
Fireplaces Type None
Fireplace No
Appliance Gas Range, Refrigerator
Laundry Common Area
Exterior
Parking Features Attached Carport, Assigned
Carport Spaces 2
Fence None
Pool None
Community Features Urban, Valley
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N Yes
View City Lights
Roof Type Asphalt
Accessibility None
Total Parking Spaces 9
Private Pool No
Building
Lot Description Lawn, Level, Near Public Transit, Rectangular Lot, Street Level, Value In Land
Faces East
Story 2
Entry Level Two
Foundation Pillar/Post/Pier
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Repairs Cosmetic,Updated/Remodeled
Others
Senior Community No
Tax ID 5723004016
Energy Description 2706.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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