Thank you
Robert Stepp
Keller Williams - Santa Monica
310-482-2200
Built in 1924, 451 E. Sacramento Street offers an investor the opportunity to acquire an 8-unit asset on an over 30,000-square-foot lot in Altadena, California. The property is comprised of (8) 1BD/1BA + Den units with over $540,000 spent on capital improvements, including new plumbing, roofing and electrical ugrades already completed. Current ownership has received approval from the City allowing the lot to be subdivided into three (3) separate parcels with the ability to build eight (8) new ADUs across the parcels, for additional rental revenue of approximately $386,400 annually. With the construction of the ADUs, the property can be stabilized at a 11.85% cap rate and 6.98 GRM. Resident utility billing (RUBS) has been implemented across the property to lower operational expenses. The property is Mills Act eligible, allowing new ownership the opportunity for significant tax savings*. 451 E. Sacramento Street offers an assumable Freddie Mac loan of $1,646,000 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: 4,896
None
Inside
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.7406
Lot Size Source: Assessor
Lot Size Square Feet: 32262
Original List Price: 5,000,000
Listing Contract Date: 2023-09-29
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5839016016
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 604 - Altadena
Postal Code Plus 4: 2914
Directions: E Woodbury Rd
Zoning: LCR110
Source Property Type: Residential Income
Area: 604 - Altadena
Property SubType: Mixed Use
Property Age: 100
Common Walls: No Common Walls
Structure Type: Mixed Use
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
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 |
2548 El Molino Avenue, Altadena, CA,91001 | $4,350,000 | -- | -- | 6,448 | 15810 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 @ 05:46
MLS: PW23179341
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.