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777 N Los Robles Avenue

Pasadena, CA 91104
  • $2,500,000
  • STATUS: Active
  • ON SITE: 13 Days
  • ID#: AR24027571
UPDATED: 2 min ago
$2,500,000
  • 0
    BEDS
  • 0.32
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1910
County:

School Ratings & Info

Listing Agent(s): Han Chen of Growth Investment Group Pasade (626-594-4900)


Description

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 paint and new common area paint as well. It has a total of 12 parking spaces in the back (10 open + 2 garages). No parking soft story is required. New owners can take advantage of the garage by renting it out or even converting it into ADU. The property does not have any common area laundry which provides additional income opportunities by installing laundry machines. It has master metered for electricity and gas.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-21T16:38:24.927. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Lori Thompson | Coldwell Banker Realty. Licensed in the State of California, USA.
www.housesforsalesocal.com/homes/147376148
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777 N Los Robles Avenue Pasadena, CA 91104

  • Price: $2,500,000
  • Status: Active
  • On Site: 13 Days
  • Updated: 2 min ago
  • ID#: AR24027571
0
Beds
0
Baths
0
½ Baths
0.32
Acres
1910
Built
Neighborhood:
645 - Pasadena (NW)
County:
Los Angeles
Area:
645 - Pasadena (NW)
Property Description
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 paint and new common area paint as well. It has a total of 12 parking spaces in the back (10 open + 2 garages). No parking soft story is required. New owners can take advantage of the garage by renting it out or even converting it into ADU. The property does not have any common area laundry which provides additional income opportunities by installing laundry machines. It has master metered for electricity and gas.
Exterior Features

Direction Faces East Entry Level 1 Entry Location 1 Lot Features LevelNear Public TransitRectangular LotStreet Level Number Of Separate Electric Meters 2 Open Parking Spaces 10 Parking Features Assigned Parking Total 12 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof Asbestos Shingle Spa Features None Spa YN No View None View YN No

Interior Features

Common Walls 2+ Common Walls Cooling Wall/Window Unit(s) Cooling YN Yes Fireplace Features None Fireplace YN No Flooring CarpetLaminateVinylWood Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 6.41 Common Interest Community Apartment Community Features Valley Current Financing Conventional Disclosures Principal is Real Estate Licensed Electric Standard Electric Expense 0 Fuel Expense 4555 Garage YN Yes Gross Income 235284 Gross Scheduled Income 235284 Insurance Expense 3165 Land Lease YN No Laundry Features None Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan Maintenance Expense 5421 Net Operating Income 161236 New Construction YN No New Taxes Expense 27693 Number Of Separate Gas Meters 2 Number Of Separate Water Meters 2 Number Of Units Leased 11 Operating Expense 66989 Pest Control Expense 500 Possession Close Of Escrow Property Condition Updated/Remodeled Property Sub Type Apartment Rent Control YN Yes Security Features Closed Circuit Camera(s) Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays None Total Actual Rent 235284 Trash Expense 6000 Vacancy Allowance Rate 3 Water Sewer Expense 16481 Water Source Public Zoning PSR1



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-21T16:38:24.927. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Lori Thompson | Coldwell Banker Realty. Licensed in the State of California, USA.
 
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Lori Thompson | Coldwell Banker Realty
19440 Goldenwest Street
Huntington Beach CA, 92648
Listing Agent(s): Han Chen of Growth Investment Group Pasade (626-594-4900)