7.13% CAP Rate 7-unit near CALTECH and PCC, Single Tenant Net Lease Structure

Highlights:

• Exceptional 7.13% In-Place CAP Rate: outstanding 7.13% in- place CAP rate with a proven track record, delivering a rare combination of robust immediate cash flow and future upside.
• Minimal Landlord Responsibilities (Master Lease): The entire property is master leased to The Gooden Center, a well-known healthcare provider. The Net Lease structure requires the tenant to pay for all utilities, trash, landscaping, and almost all property maintenance (subject to lease), offering a passive, hands-off investment.
• Positive Leverage & Yield: Investors can achieve over a 6% Cash-on-Cash return with a minimum down payment, secured by a high-performing asset in a Class-A submarket.
• Superb Demographics: highly affluent residential neighborhood boasting an average household income of ±$141,687 within a 1-mile radius.
• Premier Educational & Employment Hub: exceptionally located just blocks from the California Institute of Technology (Caltech) and Pasadena City College (PCC)
• Strategic Transit Access: Seamless connectivity to the 210, 134, and 110 freeways, providing an easy commute to Downtown Los Angeles, Burbank, and Glendale.
• Highly Desirable Unit Mix & Layout: The 12,313 SF lot features four single-story bungalows and a rear triplex, offering an excellent mix of large two-bedroom and one-bedroom units.
• Excellent Curb Appeal: The beautifully maintained grounds feature a serene community garden, outdoor seating, a barbecue area, and an ADA-compliant ramp for the rear triplex.
• Extensive Recent CAPEX: Main Electrical panels have been upgraded to 400amps, new driveway and repaired concrete, recently repainted exterior on some bungalows, 2 units have upgraded windows, 4 units have newer tankless water heaters, 3 units have newer mini split HVAC, newer central HVAC for remaining 4 units
• Modernized Interiors & Exteriors: Recent improvements include repainted exteriors on select bungalows, upgraded windows in two units, four newer tankless water heaters, and updated HVAC systems throughout (a mix of newer central and mini-split units).
• Great location with Walk Score 92, Bike Score 88
• Separately Metered: Each unit is separately metered for gas and electricity, further minimizing owner overhead. Master Lease tenant pays for all utilities (including water , trash, and gardener) and maintenance.

Description:

Extremely Rare 7-unit on Master Net Lease Structure (The GOODEN CENTER - credit tenant) – MINIMUM Landlord Responsibility, Prime Location several blocks from CALTECH and PCC, HIGH 7.13% In-place CAP Rate, Major Systems Completely Upgraded, RM-48 Zone, Approved Plan for 1 ADU is included.

Growth Investment Group California is proud to present 146-154 N Holliston Ave, an impeccably maintained 7-unit multifamily community located in the highly desirable central Pasadena market. Strategically situated just blocks from CALTECH and Pasadena City College, this property represents a premier passive income vehicle.

The asset is securely master leased to The Gooden Center (a well-known healthcare operator – has been in the business for ±50-year in the area) under a Single Tenant Net Lease structure, shielding the owner from standard operational headaches. Because the tenant is responsible for insurance, all utilities and almost all maintenance (up to the first $3,000), landlord management responsibilities are kept to an absolute minimum. Coupled with an in-place CAP rate of 7.13%, this offering provides highly attractive positive leverage and outstanding yield for a Class-A location in the West San Gabriel Valley.

The property is situated in a quiet residential area and offers a high Walk Score of 92 and Bike Score of 88. It is situated in a highly affluent area with an average household income of ±$141,687 within a 1-mile radius. It offers many amenities in the area including Lake Ave District and Old Town Pasadena and flurries of restaurants along Colorado Blvd.

Built in 1922, the ±5,443 SF property rests on a spacious ±12,313 SF RM-48 zoned lot. It offers a highly desirable layout with 4 single story bungalows and a triplex in the back. It has walkway on its right side complete with community garden and covered seating and barbeque area. It offers excellent unit mix with one (1) x 2bed+1bath bungalow, three (3) x 1bed+1bath bungalows, two (2) x 2bed+1bath (back triplex), and one (1) x 1bed+1bath (back triplex). The sale comes with an approved plan for 1 ADU.

The master tenant expertly utilizes the diverse layout—consisting of four single-story bungalows and a rear triplex—for offices, meeting spaces, and consultation rooms. The property has benefited from massive capital improvements, allowing a new investor to step into a stabilized, low-maintenance asset immediately. The front bungalow has central HVAC unit, and the other 3 bungalows have mini split HVAC. The back triplex has central HVAC.

The property has undergone massive capital improvements such as complete upgrade of electrical panels (400Amps), new driveway and concrete repairs, recently repainted exterior, new tankless water heaters in several units, and others.

There are 7 parking spaces provided by carports in the back; current tenant is using them as a gym area. Each unit is separately metered for electricity and gas. Master Lease tenant is responsible for all utilities and maintenance.

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