$1,630,000 Price Analysis   ♡   Pasadena, CA 91103 4 bed 6 bath 3,608 SqFt ($451/SqFt) 8,412SqFt lot. Built 1892 Listed 2024-06-13, Taxes $12,356 | Ⓧ USDA Ineligible due to price & location near Pasadena |
This offering provides a whopping 5.75% CAP Rate and 7.61% Proforma CAP Rate (buyer to verfy)
Which is curr ently one of the highest CAP Rate for apartments in Pasadena submarket. The property is a two-story apartment with a charming colonial revival architecture. It was built in 1892; it has a large building size of 3, 608 SF and is situated on a 8, 410 SF lot. It offers a desirable unit mix (for Pasadena rent control area) of two (2) x 2bed+1bath and Four (4) x Studio units. 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. Most of the units are charming with high ceilings. The remaining non-upgraded 2 units provide 20% rental upside, which upon turnover will take the current CAP Rate to a whopping 7.61% proforma CAP Rate (buyer to verify). There is a garage space that is being rented out for an additional income.
The property is a smart building with lighting and sprinkler watering controlled via smartphone and it is secured via a security camera monitoring system. The property has new exterior paint and new common area paint as well. It has a total of 7 parking spaces at the back (5 garages + 2 open space). No parking soft story is required. Contemporary owners can take advantage of the garage by renting it out or even converting it into ADU. The property has a common laundry area the seller owns the machines. Each unit is separately metered for electricity and gas. The property is located on Marengo Ave, crossing Washington Blvd. It is located several minutes east of 210 FWY and minutes away from Old Town Pasadena. It is within minutes from Rose Bowl area, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops and other fantastic amenities in Pasadena. It has a good demographic of $102, 038 average household income within a 1-mile radius. The property has superb access to FWY 210 and FWY 134 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connects to Downtown Los Angeles.
Presented by Han Chen at
Growth Investment Group Pasade.
Property MLS #AR24121172 from CRMLS
Appliances YN: Yes
Laundry Features: Common Area, Community
Heating Features: Wall Furnace
Heating: Yes
Lot Size Acres: 0.1931129
Lot Size Source: Assessor
Lot Size Square Feet: 8412
Parking Features: Parking YN: Yes, Parking Features: Assigned, Detached Carport
Parking Total: 7
Bedrooms in Unit-1: 2
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 1
Unit-1 Garage Spaces: 2
Unit-2 Garage Spaces: 4
Gardener Expense: 1429.00
Maintenance Expense: 4301.00
Tenant Pays: Electricity, Gas
Rent Control: Yes
County: Los Angeles
Cap Rate: 5.75
Source Property Type: Residential Income
Insurance Expense: 2200.00
Area: 645 - Pasadena (NW)
Source Neighborhood: 645 - Pasadena (NW)
New Taxes Expense: 18056.00
Number of Separate Electric Meters: 7
Number of Separate Gas Meters: 6
Number of Separate Water Meters: 1
Parcel Number: 5729013019
Postal Code Plus 4: 2222
Trash Expense: 2000.00
Zoning: RM16
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $257,641 + $772,925 $1,030,566 | $12,356 |
| 2021 | $252,590 + $757,770 $1,010,360 | $11,796 |
| 2020 | $235,969 + $548,791 $784,760 | $9,117 |
| 2019 | $231,343 + $538,031 $769,374 | $9,136 |
| 2018 | $27,553 + $12,038 $39,591 | $1,327 |
| 2017 | $27,013 + $11,802 $38,815 | $1,296 |
| 2016 | $26,484 + $11,571 $38,055 | $1,222 |
| 2015 | $26,087 + $11,398 $37,485 | $1,206 |
| 2014 | $25,576 + $11,175 $36,751 | $1,221 |
| 2013 | $25,461 + $11,125 $36,586 | $1,213 |
| 2012 | $24,962 + $10,907 $35,869 | $1,201 |
| 2010 | $24,473 + $10,694 $35,167 | $1,159 |
| 2009 | $24,349 + $10,641 $34,990 | $1,128 |
| 2009 | $24,291 + $10,615 $34,906 | $1,128 |
| 2008 | $23,872 + $10,433 $34,305 | $1,081 |
| 2007 | $23,404 + $10,229 $33,633 | $1,048 |
$1,630,000
CRMLS
Sold 2020-02-21
$1,000,000
CRISNET
Sold 1981-09-25
$37,500
Public Record
Year Built: 1892
Building Features: 1
Common Walls: 2+ Common Walls
Direction Faces: East
Entry Level: 1
Entry Location: 1
Property Age: 132
Property Attached: Yes
Property Condition: Updated/Remodeled
Roof: Asbestos Shingle
Levels or Stories: Two
Building Total Stories: 2
Structure Type: Apartment
House Style: Colonial
Year Built Source: Assessor
Sewer: Sewer: Public Sewer, Water Sewer Expense: 3142.00
Cable Connected
Electricity Connected
Natural Gas Connected
Phone Available
Sewer Connected
Water Connected
Water Source: Public
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.