Trophy 14-unit South Pasadena, No Local Rent Control, First Time for Sale since 1976, Huge Upside - Low Price/Unit

Highlights:

• • First Time for Sale Since 1976; NO LOCAL Rent Control (AB1482 Statewide)
• • Gem of an Asset! Multi-Generational Hold Property that will get better over time
• • EXCEPTIONAL LOCATION in the heart of City of South Pasadena, Steps away from So Pas Middle School, several blocks south of Mission Street Downtown District, Within walking distance from Shopping, Dining, Schools, and other amenities on Fair Oaks Ave.
• • Highly Desirable South Pasadena Unified School District
• • EXCEPTIONAL Demographics: Average household income ±$159,143 within a mile radius
• • Easy to Manage and Rent with High Demand of rental units for this Class A Location
• • Adjacent to City of San Marino, Minutes away to City of Pasadena
• • Surrounded by high priced multi million dollars Single Family Houses in the south
• • True Trophy Asset – Mid-Century Modern Architectural Gem
• • Only 14 units, No On-site manager is required
• • Excellent Location with Superb curb appeal, Super attractive setting with well-groomed landscaping
• • 2 separate buildings: a single-story fourplex, and a 12-unit 2-story apartment
• • Excellent unit mix with large and spacious units
• • High Quality units, Each unit is bright with many windows, spacious units with park-like settings
• • Main Electrical panels have been fully upgraded (400 AMPS), Some windows have been upgraded
• • Unit amenities: Original hardwood floor, smooth ceiling, ceiling fans, tiled kitchen and bathroom wall, some 2nd floor units have small semi-private balcony area. Some units with Retro Kitchen appliances (gas stove & oven) and Retro wall heater, etc.
• • Gated entrance, separately metered for electricity and gas with laundry facility on site

Description:

14-unit Trophy Asset in South Pasadena (NO LOCAL Rent Control), Excellent Location in the heart of South Pasadena – steps from So Pas Middle School, South Pasadena Unified School District, Superb Mid-Century Modern Architecture, Excellent Curb Appeal, First Time for Sale Since 1976, High Quality units and Large units.

Growth Investment Group California is proud to offer 1513 Huntington Dr, a True Trophy Mid-Century Modern 14-unit apartment in one of the best locations in the City of South Pasadena, California. This is the first time this property is being offered for sale since 1976 (49 years)!
City of South Pasadena apartment market does not have any local rent control, and it has always been known as a “high-barrier-to-entry” and “no inventory” market as there are always very limited numbers of multifamily community offered for sale. Situated in the heart of South Pasadena on Huntington Dr and Fair Oaks Ave, this Gem is only steps away from So Pas Middle School on Fair Oaks, and just minutes away from all the shopping, dining, and area amenities on Fair Oaks Ave and Mission St Downtown District. It has Exceptional demographics with over $159,143 AHH income within a mile-radius, and within the highly desirable South Pasadena Unified School District.

The property consists of 2 separate buildings with center landscape area. The main building is a two-story walk-up apartment, and the 2nd building is a single story fourplex. It has fabulous landscaping with well-manicured lawn, a fruit tree, and flowering trees. The property was built in 1948 with distinctive Mid-Century Modern architecture and sits on a large 18,243 SF R3 zoned lot. The owner has made many capital improvements such as upgrading several units (including one of the owner’s past units) and completed electrical panel upgrades. The property has good unit mix of Two (2) x large 2bedroom+1bathroom, Seven (7) x spacious 1bedroom+1bathroom, and Five (5) Studio units.

The property was very well built, which is visible by looking at the high quality of the units. Each unit has the original hardwood flooring, smooth ceiling, ceiling fans in living room and bedroom, windows a/c and wall heating. The non-upgraded unit has tiled kitchen countertops, with retro gas range with oven, and retro wall heating unit. The owner’s previous unit (1515-D) has been fully upgraded with brand new kitchen, brand new bathroom, and in-unit laundry machines. Some of the 2nd floor units (±6 units – buyer to verify) have semi-private balconies that lead to another exit from kitchen door. Some units have upgraded double-pane windows, mini-split HVAC system, and upgraded electrical subpanels. Each unit is individually metered for electricity and gas. The property has a shared laundry room (leased) and master water heater. Parking is provided via 8 garage spaces – accessible from the alley.

LOCATION AMENITIES & ACCESS
The property is strategically situated on Huntington Dr crossing Fair Oaks Ave, just within minutes from Mission Street Downtown District, walking distance to Fair Oaks Avenue Retail District, restaurants, shopping, city hall and all amenities the City of South Pasadena has to offer. It also offers excellent access to downtown Los Angeles via 110 Freeway. Access to nearby amenities such as Old Town Pasadena, South Lake Avenue District, Pasadena Playhouse District, and Huntington Hospital are within minutes.

Documents: