Thank you
Han Chen
Growth Investment Group Pasade
626-594-4900
A HIGH CAP Rate and almost turnkey 12-unit + 3 ADUs garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. With CAP Rate Close to 5% in a Class-A Location, Single-story duplexes layout, and Arcadia adjacent location, this offering provides an extremely rare opportunity for investors to acquire a beautifully upgraded apartment in an excellent location in Pasadena. Six out of 12 units (50%) have been completely upgraded and provides new owners with immediate market rent without having to deal with tenant relocation and units upgrade process. The property is a beautiful asset with attractive four single-story duplexes and one two-story fourplex in the back. It is located in a mature and quiet residential neighborhood with superb access to many City of Pasadena and City of Arcadia have to offer. It is near Target shopping center, Hastings Ranch neighborhood in Pasadena and located close to City of Arcadia border with Santa Anita Mall just minutes away. The property was built in 1946 and underwent massive renovation in 2023-2024. It is situated on an oversized ±20,570 SF lot size with medium density zoning RM-32 (32 units/Acre). It has excellent curb appeal with front drought tolerant landscaping, new wrought-iron gate and fencing, and many more upgrades. It offers an attractive unit mix of 8 x 1bedroom+1bathroom, 4 x Studio, and will be built 3 x New ADUs 1bedroom+1bathroom. Each unit is bright with an excellent layout. Six out of 12 units have been fully upgraded with high-end finishings such as brand-new flooring throughout, brand new kitchen with kitchen island complete with high-end cabinets and quartz countertops, brand new bathroom complete with tiled bathroom and new vanity cabinets, new mini-split HVAC system in living room and bedroom, and brand new almost everything. The upgraded unit comes with laundry machines. Four back units have large private balcony/patio. There is a large common area backyard in the back, complete with a large fruit producing Avocado tree. Parking is provided by 12 parking spaces where each of the 4 duplexes has 2 parking spaces in between the units (no shared wall between units). The remaining 4 parking spaces are in the back fourplex. Each unit has an individual water heater and separately metered for electricity and gas. The owner is in the process of obtaining final approval for 3 ADUs and the price includes the 3 ADUs built.
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Water Source : Public
Sewer : Public Sewer
Roof : Shingle
Property Appliances: Dryer,Washer
Fireplace: None
Flooring: Laminate,Vinyl,Wood
Wall/Window Unit(s)
Air Conditioning
Wall Furnace
Has Heating
Fireplace Features: None
Has Fireplace: 0
Year Built: 1946
Roof: Shingle
Carbon Monoxide Detector(s),Security Gate,Security Lights
None
None
Common Area,Washer Hookup,Gas Dryer Hookup
Wrought Iron
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.4724
Lot Size Source: Assessor
Lot Size Square Feet: 20577
Original List Price: 5,800,000
Listing Contract Date: 2024-04-24
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5754006018
Garage Description: Attached Carport,Assigned,Carport
Lease Term: Negotiable
Tenant Pays: Electricity,Gas
Source Listing Status: Active
Source Neighborhood: 648 - Pasadena (SE)
Directions: south of Colorado Blvd & 210 FWY, 2 blocks west of Madre St
Zoning: PSR3
Source Property Type: Residential Income
Area: 648 - Pasadena (SE)
Property SubType: Apartment
Property Age: 78
Common Walls: 1 Common Wall
Property Condition: Updated/Remodeled,Turnkey
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
Property Attached: Yes
Levels or Stories: One,Two
Building Total Stories: 1
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
3180 Paloma Street, Pasadena, CA,91107 | $1,299,888 | 3 | 2 | 1,890 | 8706 Sqft |
3610 Cartwright Street, Pasadena, CA,91107 | $1,799,000 | 5 | 4 | 2,712 | 7425 Sqft |
2748 E Orange Grove Bou.., Pasadena, CA,91107 | $1,486,988 | 4 | 1 | 1,745 | 7937 Sqft |
2121 Glen Springs Road, Pasadena, CA,91107 | $2,758,000 | 4 | 4 | 4,077 | 23712 Sqft |
2386 E Del Mar Boulevar.., Pasadena, CA,91107 | $589,500 | 2 | 1 | 993 | 59226 Sqft |
500 N Rosemead Boulevar.., Pasadena, CA,91107 | $930,000 | 2 | 3 | 1,480 | 67072 Sqft |
3585 Locksley Drive, Pasadena, CA,91107 | $4,788,000 | 4 | 2 | 4,255 | 49895 Sqft |
2070 Kinclair Drive, Pasadena, CA,91107 | $2,390,000 | 5 | 5 | 4,953 | 26199 Sqft |
2935 La Tierra Street, Pasadena, CA,91107 | $950,000 | 2 | 1 | 1,080 | 6743 Sqft |
285 S S. Sierra Madre B.., Pasadena, CA,91107 | $699,000 | 2 | 2 | 1,012 | 14774 Sqft |
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ByOwner last updated this listing 05/05/2024 @ 00:03
MLS: AR24082052
LISTED BY: Han Chen, Growth Investment Group Pasade
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.