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777 N Los Robles Avenue

Pasadena, CA 91104
  • $2,500,000
  • STATUS: ACTIVE
  • ON SITE: 72 Days
  • ID#: AR24027571
$2,500,000
  • 3
    BEDS
  • 0.32
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

DISCLOSURE: Seller is an active real estate broker in California. This offering provides a whopping 6.4% CAP Rate and 8.7% Proforma CAP Rate (buyer to verify CAP Rates), which currently one of the highest CAP Rate for apartments in Pasadena and West San Gabriel Valley submarket. With recent lower interest rates, a buyer could potentially purchase this property with a low down-payment of 35% only and yet still realizing a high 7% Cash-on-cash return (with principal reduction BUYER TO VERIFY!). Walk Score 86 Bike Score 91. The property is a two-story apartment with a charming colonial revival architecture. It was built in 1910; it has a large building size of 6,664 SF and situated on a large 14,061 SF lot. It offers a desirable unit mix (for Pasadena rent control area) of one x 2bed+1bath+den, one x 2bed+1bath, seven x 1bed+1bath, and one x Studio (non-conforming). Four units have been upgraded with brand new flooring throughout, LED lighting, brand new kitchen with quartz countertops + new kitchen cabinets + stainless steel appliances, updated bathroom, and much more. The remaining non-upgraded 7 units provide 24% rental upside, which upon turnover will take the current CAP Rate to a whopping 8.7% proforma CAP Rate (buyer to verify). The property has new exterior paint and new common area paint as well. It has a total of 12 parking spaces in the back (10 open + 2 garages). No parking soft story is required. New owners can take advantage of the garage by renting it out or even converting it into ADU. The property does not have any common area laundry which provides addition DISCLOSURE: Seller is an active real estate broker in California. This offering provides a whopping 6.4% CAP Rate and 8.7% Proforma CAP Rate (buyer to verify CAP Rates), which currently one of the highest CAP Rate for apartments in Pasadena and West San Gabriel Valley submarket. With recent lower interest rates, a buyer could potentially purchase this property with a low down-payment of 35% only and yet still realizing a high 7% Cash-on-cash return (with principal reduction BUYER TO VERIFY!). Walk Score 86 Bike Score 91. The property is a two-story apartment with a charming colonial revival architecture. It was built in 1910; it has a large building size of 6,664 SF and situated on a large 14,061 SF lot. It offers a desirable unit mix (for Pasadena rent control area) of one x 2bed+1bath+den, one x 2bed+1bath, seven x 1bed+1bath, and one x Studio (non-conforming). Four units have been upgraded with brand new flooring throughout, LED lighting, brand new kitchen with quartz countertops + new kitchen cabinets + stainless steel appliances, updated bathroom, and much more. The remaining non-upgraded 7 units provide 24% rental upside, which upon turnover will take the current CAP Rate to a whopping 8.7% proforma CAP Rate (buyer to verify). The property has new exterior paint and new common area paint as well. It has a total of 12 parking spaces in the back (10 open + 2 garages). No parking soft story is required. New owners can take advantage of the garage by renting it out or even converting it into ADU. The property does not have any common area laundry which provides additional income opportunities by installing laundry machines. It has master metered for electricity and gas.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.redtreerealty.com/homes/147376202
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777 N Los Robles Avenue Pasadena, CA 91104

  • Price: $2,500,000
  • Status: ACTIVE
  • On Site: 72 Days
  • ID#: AR24027571
3
Beds
0
Baths
0
½ Baths
0.32
Acres
Neighborhood:
Pasadena (91104)
County:
Los Angeles
Area:
Pasadena (91104)
Property Description
DISCLOSURE: Seller is an active real estate broker in California. This offering provides a whopping 6.4% CAP Rate and 8.7% Proforma CAP Rate (buyer to verify CAP Rates), which currently one of the highest CAP Rate for apartments in Pasadena and West San Gabriel Valley submarket. With recent lower interest rates, a buyer could potentially purchase this property with a low down-payment of 35% only and yet still realizing a high 7% Cash-on-cash return (with principal reduction BUYER TO VERIFY!). Walk Score 86 Bike Score 91. The property is a two-story apartment with a charming colonial revival architecture. It was built in 1910; it has a large building size of 6,664 SF and situated on a large 14,061 SF lot. It offers a desirable unit mix (for Pasadena rent control area) of one x 2bed+1bath+den, one x 2bed+1bath, seven x 1bed+1bath, and one x Studio (non-conforming). Four units have been upgraded with brand new flooring throughout, LED lighting, brand new kitchen with quartz countertops + new kitchen cabinets + stainless steel appliances, updated bathroom, and much more. The remaining non-upgraded 7 units provide 24% rental upside, which upon turnover will take the current CAP Rate to a whopping 8.7% proforma CAP Rate (buyer to verify). The property has new exterior paint and new common area paint as well. It has a total of 12 parking spaces in the back (10 open + 2 garages). No parking soft story is required. New owners can take advantage of the garage by renting it out or even converting it into ADU. The property does not have any common area laundry which provides addition DISCLOSURE: Seller is an active real estate broker in California. This offering provides a whopping 6.4% CAP Rate and 8.7% Proforma CAP Rate (buyer to verify CAP Rates), which currently one of the highest CAP Rate for apartments in Pasadena and West San Gabriel Valley submarket. With recent lower interest rates, a buyer could potentially purchase this property with a low down-payment of 35% only and yet still realizing a high 7% Cash-on-cash return (with principal reduction BUYER TO VERIFY!). Walk Score 86 Bike Score 91. The property is a two-story apartment with a charming colonial revival architecture. It was built in 1910; it has a large building size of 6,664 SF and situated on a large 14,061 SF lot. It offers a desirable unit mix (for Pasadena rent control area) of one x 2bed+1bath+den, one x 2bed+1bath, seven x 1bed+1bath, and one x Studio (non-conforming). Four units have been upgraded with brand new flooring throughout, LED lighting, brand new kitchen with quartz countertops + new kitchen cabinets + stainless steel appliances, updated bathroom, and much more. The remaining non-upgraded 7 units provide 24% rental upside, which upon turnover will take the current CAP Rate to a whopping 8.7% proforma CAP Rate (buyer to verify). The property has new exterior paint and new common area paint as well. It has a total of 12 parking spaces in the back (10 open + 2 garages). No parking soft story is required. New owners can take advantage of the garage by renting it out or even converting it into ADU. The property does not have any common area laundry which provides additional income opportunities by installing laundry machines. It has master metered for electricity and gas.
Exterior Features

Parking Garage Desc Unit1 Assigned Pool N/K Spa N/K Topography Level

Interior Features

Cooling Wall/Window Stories 2 Story Total Baths Unit1 1 Total Baths Unit2 1 Total Baths Unit3 1 Units With Cooling 11 Units With Range Oven 11 Units With Refrigerators 11 Units With Washers 0

Property Features

Actual Cap Rate 6.41 Annual Expense Actual 68116 Assessments Yes/Remarks Buildings 1 Cfd Mello Roos Fee 2562.0 Cfd Mello Roos Fee Reflects Year Gross Rent Multiplier Actual 10.63 Gross Scheduled Income Actual 235284 Home Owners Fees 0.0 Monthly Total Fees 213 Possession Close of Escrow Tenant Pays N/K Terms Cash Unit Number For Unit1 1 Unit Number For Unit2 2 Unit Number For Unit3 3 Unit1 Rent Actual 2325.0 Unit2 Rent Actual 1697.0 Unit3 Rent Actual 1541.0 Zoning Assessor

San Diego MLS logo Listing provided courtesy of Han Chen of Growth Investment Group Pasade: 626-224-2495. Listing information © 2024 San Diego MLS Inc. Source: CRMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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