481 Lincoln AVE Pasadena, CA 91103
Active
$2,659,000
7 Units
10 Beds
9 Baths
5,061 Area(sq.ft.)
12,011 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 1 | 1 | No | $ 1,595 | $ 1,595 | $ 2,100 |
| Unit 2 | 1 | 1 | 1 | No | $ 1,595 | $ 1,595 | $ 2,100 |
| Unit 3 | 1 | 1 | 1 | No | $ 1,950 | $ 1,950 | $ 2,100 |
| Unit 4 | 1 | 1 | 1 | No | $ 2,193 | $ 2,193 | $ 2,200 |
| Unit 5 | 1 | 2 | 1 | No | $ 2,255 | $ 2,255 | $ 2,500 |
| Unit 6 | 1 | 2 | 2 | No | $ 2,566 | $ 2,566 | $ 3,000 |
| Unit 7 | 1 | 2 | 2 | No | $ 2,666 | $ 2,666 | $ 3,000 |
| 7 | 7 | 10 | 9 | $ 14,820 | $ 14,820 | $ 17,000 |
| MLS #: | TR24135943MR |
| Days On Market: | 171 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 525 |
| Price per unit: | $ 379,857 |
| Year Built: | 1903 |
Property Details
481 Lincoln Ave., Pasadena is a turnkey and upgraded 7 units apartment complex (Unit mix: 4x 1 Bed+1 Bath, 1x 2 Bed+1 Bath, 2x 2 Bed+2 Baths). With CAP Rate Close to 5% in a Class-A Location, and 100% OCCUPIED. ASSUMABLE EXISTING LOAN AT 3.83% UNTIL FEBRUARY, 2029!!!! 2 story building was built in 1903 and single story building was built in 1952. BOTH BUILDINGS EXTERIOR FAADE WERE FULLY RENOVATED AND UPGRADED IN 2022. 5 out of 7 units were also upgraded with New Paint, Kitchen, Bathroom, Flooring. Updated Roof, New Electrical Main Panels and Subpanels. New Plumbing. New Windows. New Driveway Entrance. Each unit is individually metered for electricity and gas. Parking is provided by 5 open spaces between 2 buildings. The property is situated on a large corner lot of approximately 12,011 SF lot size. Great value-add opportunity for a short or long-term investment. The property is in a highly desirable centrally located neighborhood and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.Interested in this Listing?
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Income Details
| Rent Control: | Yes |
| Gross Operating Income: | $ 172,528 |
| Total Annual Expense: | $ 46,076 |
| Net Operating Income: | $ 126,452 |
| Cap Rate: | 4.76% |
Structure
| Community Features: | Suburban |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | PSR3 |
| Land Lease Type: | Fee |
Interior
| Laundry: | Inside |
Exterior
| Pool: | No |
Detailed Map
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Income
