10-unit near CALTECH and PCC, 5.25% CAP with Upside, Class A Location

Highlights:

• Prime 10-unit Value-add several blocks from CALTECH and PCC, 5.25% In-place CAP Rate in Class A Location, Very Well-maintained with no known deferred maintenance, Easy to Manage and Rent, Corner lot on Union St, Walkscore 94.
• Attractive CAP Rate 5.25% with Upside potential; Super easy to rent and manage location and asset
• Prime apartment investment in an excellent location near California Institute of Technology, Pasadena City College, and minutes from Pasadena Playhouse and Old Town Pasadena
• SUPERB demographics with ±$125,446 average household income within a 1-mile radius
• Superb amenities nearby: CALTECH, PCC, Pasadena Playhouse, Old Town Pasadena, Target, Amazon Fresh, Vroman Bookstore, Urth Café, and much more
• Well maintained two-story garden style apartment with excellent curb appeal, gated entrance and secured parking
• Eight out of 10 units have been updated: updated kitchen and flooring
• One unit is vacant and can be delivered vacant
• Excellent roof condition, double pane windows throughout, minimum landscaping, low maintenance property and easy to manage, updated exterior paint
• Good unit mix with good distributions of 2-bedroom and 1-bedroom units
• Great location with Walk Score 94, Bike Score 85
• Separately metered for electricity and gas, carport parking (no soft story retrofit required), seller own laundry machines

Description:

Prime 10-unit Value-add several blocks from CALTECH and PCC, 5.25% In-place CAP Rate in Class A Location, Very Well-maintained with no known deferred maintenance, Easy to Manage and Rent, Corner lot on Union St, Walkscore 94.

Growth Investment Group California is proud to offer 112 N Mar Vista, a well-maintained property in an excellent location only several blocks away from CALTECH and Pasadena City College. With a walk score of 94 and proximity to many amenities in the area including Lake Ave District and Old Town Pasadena and flurries of restaurants along Colorado Blvd, this community offers an ease of management and easy to rent investment. Offered at an attractive 5.25% CAP Rate, this investment presents an excellent opportunity for savvy investors to buy a very well-located apartment with no known deferred maintenance and excellent in-place rents.

The property was built in 1959 and situated on southeast corner of Mar Vista Ave and Union St. It has a total of ±6,920SF building size and is situated on a large ±8,744SF R4 lot. It has small lawn in the front with side paver stone courtyard that provides easy access to units. The roof is in excellent condition, all the windows have been upgraded, and the property has updated exterior paint. It offers an excellent unit mix of two (2) 2-bedroom+1-bathroom, and eight (8) 1-bedroom+1-bathroom units. Approximately 8 out of 10 of the units have had upgrades with updated kitchen, updated flooring and updated bathroom (buyer to verify). The units are spacious and bright with updated dual pane windows throughout. One unit is vacant and can be delivered vacant

There are 9 parking spaces provided by carports in the back – there is no soft story retrofit required. Parking is secured by an automatic parking gate. There is a shared laundry room with seller’s own machines. Each unit is separately metered for gas and electricity.

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