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
Listing Courtesy of Han Chen , Growth Investment Group Pasade
features
Additional Listing Type
In Contract
PROPERTY INFORMATION
Cooling
Wall/Window Unit(s)
Heating
Wall Furnace
Parking Description
Assigned
Water
Public
EXTERIOR
Lot Description
Level, Other
Roofing
Other
INTERIOR
Flooring
Laminate, Vinyl, Carpet, Wood
Listing Courtesy of Growth Investment Group Pasade
Listing Courtesy of Han Chen , Growth Investment Group Pasade