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Listed by Handoko Chen • Growth Investment Group Pasade
$ 6,500,000
Est. payment | /mo
12,780 SqFt
$ 6,500,000
Est. payment | /mo
12,780 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 12,780 sqft
Price per Sqft $508
MLS Listing ID CRAR25196269
HOA Y/N No
Year Built 1955
Lot Size 0.271 Acres
Property Sub-Type Other
Source Datashare California Regional
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/apartmen
Location
State CA
County Los Angeles
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Vinyl, Carpet, Wood
Fireplace No
Laundry Common Area, Other
Exterior
View City Lights
Building
Lot Description Level, Other
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Adam Shoop
Broker Associate at LPT Realty | Lic# 1782227