Thank you
Robert Stepp
Keller Williams - Santa Monica
310-482-2200
2548 El Molino Avenue is a 10-unit asset located in Altadena, California. Current ownership has spent over $400,000 to thoughtfully restore the asset, with $170,000 alone spent on electrical and plumbing ugrades and a new roof. New ownership can take advantage of current ownership's interior remodels and recognize 20% upside on current rents. The property is comprised of (2) 2BD/1BA units, (6) 1BD/1BA + Den units, and (2) 1BD/1BA units. Current ownership has implemented resident utility billing (RUBS) across all units, allowing the asset to operate at a sub 30% expense ratio. The property is Mills Act eligible, which would allow new ownership to further drive down operating expenses*. An existing storage space provides current income, and also has the potential to be converted into two (2) ADUs for additional rental revenue of approximately $84,000 annually. 2548 El Molino Avenue offers an assumable loan of $1,631,000 at 5.25% with 5 years of interest only payments remaining.
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Water Source : Public
Sewer : Public Sewer
Year Built: 1924
Building Area Total: 6,448
None
Inside
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.3629
Lot Size Source: Assessor
Lot Size Square Feet: 15810
Original List Price: 4,350,000
Listing Contract Date: 2023-09-29
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5845017011
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 604 - Altadena
Postal Code Plus 4: 2318
Directions: Lake Ave & El Molino Ave
Zoning: LCC3*
Source Property Type: Residential Income
Area: 604 - Altadena
Property SubType: Mixed Use
Property Age: 100
Common Walls: 1 Common Wall
Structure Type: Mixed Use
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
Property Attached: Yes
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
2159 Lake Avenue, Altadena, CA,91001 | $890,000 | 2 | 1 | 1,220 | 6852 Sqft |
738 E Sacramento Street, Altadena, CA,91001 | $1,488,800 | -- | -- | 3,372 | 20339 Sqft |
453 Alberta Street, Altadena, CA,91001 | $1,118,000 | 3 | 2 | 1,488 | 5758 Sqft |
451 E Sacramento Street, Altadena, CA,91001 | $5,000,000 | -- | -- | 4,896 | 32262 Sqft |
2415 2415 N Fair Oaks A.., Altadena, CA,91001 | $17,500,000 | -- | -- | -- | 132422.4 Sqft |
84 E Loma Alta Drive, Altadena, CA,91001 | $2,099,995 | 6 | 5 | 3,998 | 22344 Sqft |
84 E Loma Alta Drive, Altadena, CA,91001 | $2,099,995 | 6 | -- | 3,998 | 22344 Sqft |
2479 Lincoln Avenue, Altadena, CA,91001 | $995,000 | 5 | -- | 2,225 | 9230 Sqft |
2692 Fair Oaks Avenue, Altadena, CA,91001 | $694,000 | 2 | 1 | 838 | 2942 Sqft |
334 Parkman Street, Altadena, CA,91001 | $1,650,000 | 3 | 1 | 2,280 | 9894 Sqft |
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ByOwner last updated this listing 04/28/2024 @ 01:28
MLS: PW23179293
LISTED BY: Robert Stepp, Keller Williams - Santa Monica
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.