20-Unit Apartment in Pasadena w/ EXCELLENT Unit Mix!

171 North Wilson Avenue, Pasadena, CA

$8,900,000

Price

3.99%

Cap Rate

4.95%

Pro Forma Cap Rate

Overview
Cap Rate
3.99%
Pro Forma Cap Rate
4.95%
Building Size
18,735 sqft
Lot Area
19,898 sqft
Units
20
GRM
16.69
Year Built
1987
Price Per Sqft
$475
Price Per Unit
$445,000
Zoning
RM48
Parking Spots
43
Description

The property is a newer construction that was built in 1987 and situated on a large ±19,898 SF lot (zoned High-Density RM48). It has a total ±18,375 SF building size and boasts an excellent unit mix of nineteen (19) 2-bedroom and 2-bathroom units and one (1) 1-bedroom and 1-bathroom unit. Every unit has a private patio or balcony (five units have two private patios/balconies). Many ground floor units have large private patios. The end 4 units are in two separate buildings and do not share any common wall with another unit. Each unit has central A/C and heating, individual water heater, in-unit washer dryer, bright and spacious layout (some units have open concept layout), private patio/balcony, hardwood vinyl flooring, and other amenities.

Highlights
  • Walk Score 91!
  • Walking distance to Playhouse District, South Lake Ave District, Old Town Pasadena, California Institute of Technology and Pasadena City College
  • Semi value-add with partial upgrades in most units
  • Very low vacancy history with waiting list; Rental income is below market
  • Highly desirable area South of 210 FWY; Desirable area on Wilson Ave, quiet tree-lined street within great residential area
  • Strong demographics with ±$107,800 average household income within a 2-mile radius
  • Excellent access to 210, 134, and 110 freeways
  • Easy access to Downtown Los Angeles through 110 Freeway
Documents
Title
Flyer-MonarchTerrace.pdf
* Documents permissions are set by the listing owner, request information to access locked documents.

Location
Gallery