8-Units Plus 1-Non-Conforming Studio

$2,550,000

827 E Washington Blvd, Pasadena, CA 91104

For Sale

Multifamily Garden Low Rise

Active

Last Updated: 06/29/2021

Details:

Cap Rate: 5.56%

NOI: $141,845

Building Size: 4,410 sqft

Lot Area: 0.38 acres

Units: 8

GRM: 12.72

Year Built: 1941

Price Per Sqft: $578.23

Price Per Unit: $318,750

Year Last Renovated: 2018

Offered by

Michael McNulty

Associate

LAAA Team

#CA 02043604

Request Info to Unlock

Highlights:

Built in 1941
Extensively Remodeled in 2018
2+1 Unit Currently Vacant
Turn-Key Asset
High Cap Rate Deal
On-Site Garage Parking
Private Fenced Patios
Walk Score of 82

Description:

Marcus & Millichap is proud to present 8-units (plus 1-non-conforming studio) located at 827 E Washington Boulevard in Pasadena, California. The property is comprised of four separate bungalow-style buildings with an excellent unit mix of 7- 1 bedroom/1 bathroom, 1- 2 bedroom/1 bathroom and 1- non-conforming studio units. The offering is situated on a large 16,469 square foot lot with 4,410 square feet of gross rentable area and has been extensively remodeled throughout in 2018.

With the recent drop in interest rates, an investor can acquire rates as low as 3.85% with a down payment of only 30% ($795,000), which will yield a total return of nearly 9%.

Some renovations include: new landscaping, new sprinkler system, new asphalt driveway, new fencing, dual pane windows throughout, high-end stainless steel appliances, new flooring, new cabinets, new doors, fresh paint, new roof, new garage doors, new LED lighting, etc. Each unit gets plenty of sunlight and features a private front-yard complete with a new white fence. A newly remodeled building yielding high returns, this investment provides a savvy investor the opportunity to cash flow while owning a headache free investment.