4.3% CAP Turnkey 16-unit near Pasadena Playhouse District & Old Town Pasadena

435 North Wilson Avenue, Pasadena, CA

$6,370,000

Price

4.3%

Cap Rate

4.73%

Pro Forma Cap Rate

Gallery
Street
Map
Overview
Cap Rate
4.3%
Pro Forma Cap Rate
4.73%
NOI
$273,883
Lot Area
17,367 sqft
Occupancy
100%
Class
A
Units
16
GRM
16.37
Year Built
1960
Price Per Unit
$398,000
Zoning
R4
Floors
2
Parking Spots
17
Year Last Renovated
2023
Construction Status
EXISTING
Floor
2
Investment Strategy
Core
Description

Growth Investment Group California is proud to offer 435 N Wilson Ave, a turnkey and beautifully upgraded 16 units apartment within walking distance to Pasadena Playhouse and South Lake Ave District in the highly desirable City of Pasadena. Situated in the heart of Pasadena, just steps away from the vibrant Old Town, this property benefits from an enviable location that attracts a diverse range of tenants. Situated on an oversized high-density lot, the property offer an investor the rare opportunity to own a turnkey apartment with future development opportunity in an extremely good location in Pasadena.

The property has been completely renovated with permits (between 2022-2023 – buyer to verify). It was built in 1960 and consists of 1 single-story building and 1 two-story building. It is situated on an oversized ±17,367sf High Density R4 Lot. This high-density lot provides a clear opportunity for Additional Dwelling Units or future redevelopment opportunity (buyer to verify). The single-story building consists of 6 units. The first unit has a fireplace. The 2-story building consists of the remaining 10 units. Each unit has a sizable private patio or balcony.

Top-to-bottom renovations were completed recently on the property, which includes brand new drought tolerant landscaping with center garden area, new building façade, signage and exterior paint, new parking gate and repainted railings, new unit patio fences, new exterior lighting, very well-maintained roof, new dual pane windows throughout and much more.

Interior upgrades were completed to each unit, which includes 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.

The ownership spent a significant amount of time and capital in relocating the previous tenants and completely upgraded the exterior and interior of the property, making this a turnkey investment for the new owner. The property is separately metered for electricity and gas. Parking is provided by 17 carports in the back; there is no soft-story parking required.

Highlights
  • • Prime Location: Situated in the heart of Pasadena, just steps away from the vibrant Old Town, Pasadena Playhouse District, South Lake Ave business district.
  • • Turnkey and upgraded apartment completed in 2022-2023, perfect for a 1031 exchange buyer
  • • SUPERB demographics with ±$111,897 average household income within a 1-mile radius
  • • Superb amenities nearby: CALTECH, PCC, Pasadena Playhouse, Old Town Pasadena, Vroman Bookstore, Urth Café, and much more
  • • Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
  • • High Demand area: Pasadena is a thriving rental market with consistently high demand for quality housing options. The proximity to employment hubs, prestigious educational institutions, and major transportation routes ensures a steady stream of potential tenants, contributing to stable occupancy rates and strong rental income.
  • • Turnkey apartment (all units have been upgraded) with excellent curb appeal.
  • • Oversized Lot with 17,367SF High Density (R4) Lot
  • • Top-to-bottom permitted renovations have been completed including complete exterior and interior upgrades.
  • • Beautiful brand-new landscaping with water drought tolerant and central garden area
  • • Exterior upgrades including new drought tolerant landscaping, new exterior paint, new gate, new signage, new façade, etc.
  • • Luxury interior upgrades in each unit including new in-unit laundry machines, new modern kitchen with new kitchen cabinets + quartz countertops + new stainless-steel appliances, new bathroom with new tiled bathroom + new vanity cabinets, in-unit laundry, new flooring throughout, and much more.
  • • Excellent unit amenities and area amenities: gated parking, secured entrance, electronic RFI unit locks, fully upgraded unit, private patio/balcony for each unit.
  • • Separately metered for electricity and gas
Documents
Title
OFFERING MEMORANDUM
Flyer-435NWilsonAve-2024.pdf
* Documents permissions are set by the listing owner, request information to access locked documents.
Location
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