POSITIVE LEVERAGE 7-unit only 2 blocks from Old Town Pasadena, Penthouse unit can be vacant, ADUs Upside

Highlights:

• Prime 7-unit near Old Town Pasadena, Positive Leverage Deal at 5.86% CAP, Penthouse can be delivered vacant, Adjacent to a future Large Redevelopment Project on Fair Oaks Ave.
• Offered at an attractive ±5.86% CAP Rate and low ±12.12x GRM – Lower down payment
• Penthouse unit can be delivered vacant
• MEP (Mechanical, Electrical, and Plumbing) updated + New Roof, Foundation has been strengthened
• Excellent demographics with ±$140,786 average household income in a two-mile radius
• Very attractive TURNKEY Garden style apartment with excellent curb appeal and no known deferred maintenance
• Excellent location in a mature and quiet residential area, surrounded by SFR homes and duplexes/triplexes.
• Top to Bottom Renovations of the building and each unit have been completed; All Units have been fully upgraded!
• Unit upgrades: ALL brand new -> kitchen, bathroom, flooring, appliances, lighting, in-unit laundry, 3 units have private balcony.
• Attractive unit mix with four x 2bed, 1 x Penthouse, and two x 1bed units
• Attractive Lot size with ample parking; Open space parking, No Soft-Story Parking Retrofit is required
• Excellent cashflow without doing any renovation work
• High growth area – adjacent to a future redevelopment project on Fair Oaks Ave (up to 243 units)

Description:

Prime 7-unit near Old Town Pasadena, Positive Leverage Deal at 5.86% CAP, Penthouse can be delivered vacant, Adjacent to a future Large Redevelopment Project on Fair Oaks Ave.

Growth Investment Group California as the exclusive listing agents are proud to offer the RAYMOND SEVEN - 425 N Raymond Ave, a 7-unit Turnkey Value-add Garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. With full renovation recently completed and full occupancy with market rents, this offering provides a highly cash flowing building without doing any work. Offered at a very attractive ±5.86% CAP Rate and low ±12.12x GRM, this offering provides an excellent Cash-on-cash return on a full Turnkey building where the owner does not have to worry about renovating units, dealing with low-rent tenants, or any deferred maintenance.

Current owner has spent enormous time and capital in fully upgrading the building including replacing the mechanical, electrical, plumbing, and roof. They have upgraded the building with new railings, stucco changes, stairway & walkway repair, exterior painting, landscaping, new windows, structural and foundation support, and all units upgraded. The building is fully occupied with market rate tenants and providing excellent rental income close to market.

The property is in a quiet and mature residential area surrounded by SFR houses across the street and duplex/fourplex on each side. It is only 2 blocks north of the Old Town Pasadena and minutes away from most of the major attractions in the City of Pasadena including Rose Bowl area. FWY 210 and FWY 134 is less than a minute away from the property. The property was built in 1947, has ±5,001 SF building size and is situated on a ±9,902 SF lot size.

It has a superb curb appeal with a large lawn and parking area in the front with the main building sits in the back part of the lot – providing extra sound barrier and privacy to tenants. It offers an attractive unit mix of four (4) x 2bed+1bath, 1 x Penthouse 1bed+1bath, and two (2) x 1bed+1bath units. The Penthouse unit occupies the entire 3rd floor with excellent view of Pasadena area.

Each unit has been fully upgraded from top to bottom with brand-new everything (flooring, lighting, kitchen, and bathroom). It has in-unit laundry machines and stainless-steel kitchen appliances. Two of the 2nd floor units have private balcony, and the Penthouse has private balcony with views. Several units have large bedrooms and/or kitchens, and some units have had some upgrades which include updated vinyl wood plank/flooring. All units have smooth ceilings. The property is separately metered for electricity and serviced by a master water heater. Parking is provided by an open space parking in front.

LOCATION AMENITIES AND ACCESS
The property is located just two blocks north of Old Town Pasadena and a block from Fair Oaks Ave. It offers walking distance to myriads of shopping and other amenities in Old Town Pasadena. It is within minutes from Rose Bowl area, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographics of $140,786 average household income within a 2-mile radius. The property has superb access to FWY 210 and FWY 134 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connects to Downtown Los Angeles.

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