15 unit near Old Town Pasadena, 5.55% CAP

Highlights:

• Excellent location near California Institute of Technology, Pasadena City College, and minutes away from Pasadena Playhouse and Old Town Pasadena
• 2 separate properties with excellent Curb appeals on a Large R3 zoned lot size of 23,257SF
• 5.55% ACTUAL CAP Rate with 6.37% Proforma CAP Rate
• • A charming 2 story bungalow with American Craftsman building and a 2 brand-new ADU units
• • One unit (3bedroom) will be vacant by end of 2025 and can be delivered vacant in 2026
• • Excellent Curb appeals on a Large R3 zoned lot size of 11630SF
• • Excellent amenities: gated parking, secured entrance, electronic RFI unit locks, fully upgraded unit
• • Many recent capital improvements: brand new exterior paint, brand new landscaping, brand new parking gate, 2 brand new ADU units, and 2 upgraded unit.
• • SUPERB demographics with ±$112,926 average household income within a 1-mile radius
• • Great location with Walk Score 91, Bike Score 86

Description:

Growth Investment Group California is proud to offer 405 and 411 N Euclid Ave, a very attractive 15-unit semi value-add investment property only several blocks north of Old Town Pasadena. These 2 properties offering provides a very attractive going-in ACTUAL CAP Rate of 5.55% and Proforma CAP Rate of 6.37%. Large high density zone lot, can build additional 5 units (buyer to verify). The properties consist of 411-417 N Euclid Ave which is a 10-unit single story mid-century modern style apartment, and 405 N Euclid Ave, a 5-unit (2 are brand new ADUs) 2-story craftsman style apartment. The property offers strategic location near the Old Town Pasadena, and Rose Bowl area.

411-417 N Euclid is a single story 10 units apartment. The property was built in 1950 and has been completely renovated with permits in 2022-2023. It consists of 3 single-story buildings and situated on a large ±11,627sf R3 lot. The property has been completely renovated with permits (9 out of 10 units are fully upgraded), and offers an efficient mix of nine 1bedrooms, and one studio unit. Each unit is unique to its vaulted ceiling layout with most units having its private patio. All the upgraded units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades (plumbing upgrade in unit), new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. 411-417 N Euclid units are unique due to its high ceiling and many charming characters such as higher ceiling and large kitchen.

405 N Euclid consists of a charming 2 story bungalow building (3 units) and a brand-new back building that consist of 2 new ADUs (COO in February 2025). It is situated on a large ±11,630 SF lot. It offers an excellent unit mix of ONE (1) x 3bed+2bath, one (1) x 2bedroom+1bathroom, and three (1) x 1bedroom+1bathroom unit. Due to its configuration, it will be very easy for the new owner to convert the 1bedroom unit into a 2bedroom unit (buyer to verify). The 2 new ADU units were built in 2025.

405 N Euclid ground floor unit has a high ceiling. The 2nd floor unit is a spacious 3bedroom unit that has been beautifully upgraded (3rd bedroom is an attic space that was converted into 3rd bedroom). Only 1 remaining unit has not been updated. The exterior upgrades include a new entry gate, new parking gate, new exterior paint, completely redone landscaping, and new windows blinds.

Both properties have a shared driveway that’s located on 405 N Euclid side. Parking is provided by 20 open space parking (some are tandem) – no parking soft story retrofit is required. The property does not have any balcony so it may not require any SB721 inspection (Buyer to verify). The exterior upgrades include a new entry gate, new parking gate, new exterior paint and signage, completely redone landscaping, updated electrical, and much more!

LOCATION AMENITIES AND ACCESS
The property is in the highly desirable area of Pasadena just several blocks north of Old Town Pasadena. It is situated on a quiet tree-lined street and within minutes from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue. Near Pasadena’s historic City Hall, it sits just minutes from the California Institute of Technology, Pasadena Community College, and the 210 and 110 Freeways, offering ease of access to neighboring cities and entertainment destinations in the region. Historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center, Pacific Asia Museum, the historic Tournament of Roses house, and the Norton Simon Museum are minutes away. The property has superb access to FWY 110 and FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.

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