259 N Euclid AVE Pasadena, CA 91101
Active
$6,800,000
23 Units
1 Beds
4 Baths
12,780 Area(sq.ft.)
11,811 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 8 | 1 | 1 | No | $ 2,155 | $ 17,241 | $ 20,900 |
| Unit 2 | 7 | studio | 1 | No | $ 1,753 | $ 12,268 | $ 15,000 |
| Unit 3 | 4 | studio | 1 | No | $ 1,541 | $ 6,165 | $ 7,200 |
| Unit 4 | 4 | studio | 1 | No | $ 1,184 | $ 4,734 | $ 6,800 |
| 4 | 23 | 8 | 23 | $ 40,411 | $ 267,400 | $ 328,200 |
| MLS #: | AR24215656MR |
| Days On Market: | 0 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 532 |
| Price per unit: | $ 295,652 |
| Year Built: | 1955 |
Property Details
An Irreplaceable location only 2 properties away from Courthouse and City Hall. A prime 23-unit 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 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/apartment building. Unlike other apartments in the area, this property has parking (9 spaces in the back) which provides excellent amenities to young professionals living in the building. It offers an excellent unit mix for this urban area with eight (8) large 1bed+1bath, seven (7) large Studio, four (4) junior Studio, and four (4) Bachelor (no kitchen) units. Approximately 10 out of 23 units have had upgrades. Some units have new double pane windows, and the upgraded units have new wood flooring and updated plumbing. All units have smooth ceiling and excellent layout. Each unit is separately metered for electricity and gas. Parking is in the back of the lot. There is a total of 9 spaces with 8 are assigned to units, and 1 is rented. There is an additional shared laundry room in the basement for the community, and a master water heater.Interested in this Listing?
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Income Details
| Rent Control: | Yes |
| Gross Operating Income: | $ 478,202 |
| Total Annual Expense: | $ 157,367 |
| Net Operating Income: | $ 320,836 |
| Cap Rate: | 4.72% |
| Gross Rent Multiplier: | 13.94 |
| Actual Gross Rent: | $ 40,408 |
Structure
| Community Features: | Urban, Valley |
| Sewer: | Public Sewer |
| View Description: | City Lights |
| Water: | Public |
Land & Parking
| Zoning: | PSC- |
| Land Lease Type: | Fee |
| Parking Garage: | Assigned |
Interior
| Cooking Appliances: | Range |
| AC/Cooling: | Wall/Window Unit(s) |
| Equipment: | Community, Laundry Area, Refrigerator |
| Heating: | Wall |
| Fireplace Rooms: | None |
| Laundry: | Community, Laundry Area |
| Laundry Equipment: | Lease |
| Laundry Income: | 2466.00 |
Exterior
| Pool: | No |
| Roof: | Asphalt |
| Spa: | No |
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