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Listed by Handoko Chen • Growth Investment Group Pasade
$ 6,500,000
Est. payment | /mo
0.27 Acres Lot
$ 6,500,000
Est. payment | /mo
0.27 Acres Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRAR25196269
Year Built 1955
Lot Size 0.271 Acres
Source California Regional MLS
Property Description
Prime 23-unit Value-add in heart of Pasadena Civic Center, Walk to Old-Town, High 5.5% ACTUAL CAP Rate w/ Close to 7% Proforma CAP in a Class-A Location, Efficient Unit Mix, High Density Commercial Zoned Lot, Irreplaceable Location with Over 5% Cash-on-Cash Return. 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/apart
Location
State CA
County Los Angeles
Area 647 - Pasadena (Sw)
Rooms
Kitchen Oven Range - Gas, Refrigerator
Interior
Heating Wall Furnace
Cooling Window / Wall Unit
Laundry Laundry Area, Washer/Dryer - Leased, Community Facility
Exterior
Parking Features Assigned Spaces, Carport
Garage Spaces 9.0
Pool 31, None
View City Lights
Roof Type 2
Building
Lot Description Grade - Level
Foundation Pillars / Posts / Piers
Water District - Public
Others
Tax ID 5723004016
Special Listing Condition Not Applicable
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Ben Dodge
REALTOR® | Lic# DRE 01959374