15-unit Prime near Old Town Pasadena, Large Lot - 2 properties, High CAP Rate,

Highlights:

• • Excellent location near California Institute of Technology, Pasadena City College, and minutes away from Pasadena Playhouse and Old Town Pasadena
• • Over 5.2% ACTUAL CAP Rate with over 6% Proforma CAP Rate
• • Great location with Walk Score 91, Bike Score 86
• • SUPERB demographics with ±$127,378 average household income within a 1-mile radius
• • 2 separate properties with excellent Curb appeals on a Large R3 zoned lot size of 23,257SF
• • 411-417 N Euclid is a single-story mid-century modern apartment
• • 405 N Euclid is a charming 2 story bungalow with American Craftsman building and a 2 brand-new ADU units
• • 12 out of 15 units have been fully upgraded with high end upgrades
• • Excellent amenities: gated parking, secured entrance, electronic RFI unit locks, fully upgraded unit, private patio in some unit
• • Luxury upgrades in each unit complete with in-unit laundry, new kitchen, new bathroom

Description:

Growth Investment Group California is proud to offer 405 and 411 N Euclid Ave, a very attractive 15-unit semi value-add investment property only several blocks north of Old Town Pasadena. These 2 properties offering provides a very attractive going-in ACTUAL CAP Rate of 5.2% and Proforma CAP Rate of over 6%. The properties consist of 411-417 N Euclid Ave which is a 10-unit single story mid-century modern style apartment, and 405 N Euclid Ave, a 5-unit (2 are brand new ADUs) 2-story craftsman style apartment. The property offers strategic location near the Old Town Pasadena, and Rose Bowl area.

411-417 N Euclid is a single story 10 units apartment. The property was built in 1950 and has been completely renovated with permits in 2022-2023. It consists of 3 single-story buildings and situated on a large ±11,627sf R3 lot. The property has been completely renovated with permits (9 out of 10 units are fully upgraded), and offers an efficient mix of nine 1bedrooms, and one studio unit. Each unit is unique to its vaulted ceiling layout with most units having its private patio. All the upgraded units have undergone a top-to-bottom renovation with 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. 411-417 N Euclid units are unique due to its high ceiling and many charming characters such as higher ceiling and large kitchen.

405 N Euclid consists of a charming 2 story bungalow building (3 units) and a brand-new back building that consist of 2 new ADUs (COO in February 2025). It is situated on a large ±11,630 SF lot. It offers an excellent unit mix of two (2) x 2bedroom+1bathroom, and three (1) x 1bedroom+1bathroom unit. Due to its configuration, it will be very easy for the new owner to convert the 1bedroom unit into a 2bedroom unit (buyer to verify). The 2 new ADU units were built in 2025 (COO scheduled around February 2025) and may be exempt from any rent control ordinance (buyer to verify).

405 N Euclid ground floor unit has a high ceiling. The 2nd floor 2bedroom unit is larger with additional “large den” area that is being used as tenant’s private office, large kitchen with separate dining room and breakfast counter, and an under-utilized attic space. Each of the two-bedroom unit has large private patio in the back. None of the units have been upgraded which provides blank canvas opportunities for creative new owner to put their own personal touch into each unit. The exterior upgrades include a new entry gate, new parking gate, new exterior paint, completely redone landscaping, and new windows blinds.

Both properties have a shared driveway that’s located on 405 N Euclid side. Parking is provided by 15-16 open space parking (some are tandem) – no parking soft story retrofit is required. The property does not have any balcony so it may not require any SB721 inspection (Buyer to verify). The exterior upgrades include a new entry gate, new parking gate, new exterior paint and signage, completely redone landscaping, updated electrical, and much more!

Documents: