15 buildings, 26 Turnkey Bungalows + 4 Proforma ADUs or More, Excellent location

1728 North Sierra Bonita Avenue, Pasadena, CA

$10,980,000

Price

4.29%

Cap Rate

$470,416

NOI

Gallery
Street
Map
Overview
Cap Rate
4.29%
NOI
$470,416
Pro Forma Cap Rate
6.12%
Lot Area
37,413 sqft
Occupancy
80%
Class
A
Units
26
GRM
16.12
Year Built
1963, 1940, 1938
Price Per Unit
$422,000
Zoning
RM-16
Floors
1
Parking Spots
30
Year Last Renovated
2023
Construction Status
EXISTING
Investment Strategy
Core Plus
Description

Growth Investment Group California is proud to offer SIERRA BONITA BUNGALOWS, a turnkey/fully upgraded 3 properties/parcels totaling 26 units. Sierra Bonita Bungalows is an exceptional investment opportunity offering a turnkey solution for buyers seeking high-quality apartment units in the beautiful city of Pasadena. Situated in the prestigious San Gabriel Mountain foothill area, and within walking distance to Altadena Country Club and Altadena Golf Course, this exclusive property consists of 26 units that are spread over 15 buildings and meticulously designed and fully upgraded from top to bottom, providing an attractive proposition for investors looking for steady rental income and long-term value appreciation. The property consists of 3 parcels with highly desirable layouts; a combination of single-story bungalow style single-family houses and duplexes, each unit provides serene and single-family house atmosphere to it, making each unit very easy to rent and highly desirable amongst renters. The large, combined lots allow FOUR (4) Additional Dwelling Units or more (buyer to verify).

It is in a quiet residential area surrounded by mostly multi-million dollars SFR. Located just several properties away from the world renown EF International Language Campus (www.EF.com ), and EF Academy, this strategic location provides excellent location for international students, or short rentals. The area commands a fantastic demographic of $170,962 Average Household Income within a-mile-radius. This offering provides rare opportunity to investors who appreciates quality asset and location with multiple exit strategies such as: operate as apartments and enjoy cash-flow and tax benefit over time, operate as short-term rentals for nearby international students, condo conversions, TIC conversions, or operate as-is and add ADUs (Additional Dwelling Units) – BUYER TO VERIFY.
Sierra Bonita Bungalows has 3 parcels/properties: address# 1704 consists of 6 units (and situated on ±11,254 SF lot, address# 1710 consists of 12 units and situated on ±10,474 SF lot, and address# 1728 consists of 8 units and situated on ±15,685 SF lot (BUYER TO VERIFY). All three properties have shared parking at the back (combination of carports and garages) and must be sold together.

The property has been completely renovated and offers a desirable mix of One (1) x 3bedroom+2bathroom house, nineteen (19) x 1bedroom+1bathroom bungalows, and six (6) studio bungalows. Each unit has been completely upgraded inside out with modern and attractive upgrades such as: in-unit laundry machines, new flooring, new kitchen with modern kitchen countertops + cabinets + kitchen appliances, new tiled bathroom, new mini-split HVAC systems. The exterior has been completely upgraded with new paint throughout, new landscaping, new fence + gate, new driveway, and so much more. Each unit is individually metered for electricity and gas, and any house electrical and gas bills are billed back to tenants.

Parking is provided by combination of private attached garage, attached carports, and shared attached garages. There are total of 28 parking spaces providing overparked benefit, and all parking are single-story buildings which eliminates parking soft-story requirements (buyer to verify with City of Pasadena).

The property is in the highly desirable area of Pasadena by the foothill area of San Gabriel Mountains and just several blocks away from Altadena Country Club and Altadena Golf Course. It is situated on a quiet tree-lined street and several properties from the world renown EF International Language Campus and EF Academy. Minutes away from various hiking trails (Mt. Wilson, Eaton Canyon Trail, etc.) and short driving to Old Town Pasadena, CALTECH, Playhouse District, Lake Ave Business District, museums, Rose Bowl Area, and FWY 134, FWY 210, this property offers serene mountainlike atmosphere with easy access to other amenities city of Pasadena has to offer.

Highlights
  • PRIME LOCATION: Situated in the San Gabriel Mountain foothill area, walking distance to Altadena Golf Course and Altadena Country Club
  • 15 separate buildings consisting combinations of single-story single-family houses and duplex bungalows, some have fenced front yard and attached garage.
  • Located minutes away from various hiking trails: Mt. Wilson/Pinecrest Gate, Eaton Canyon Falls Trail, Henninger Trailhead, Altadena Crest Trail
  • Four (4) ADUs Upside or more ; OVER 6% Proforma CAP Rate
  • Several properties away from the world renown EF International Language Campus and EF Academy; Providing unique opportunities for short term rentals to international students.
  • Fantastic demographics area: ±$170,962 AHH income within a 1-mile radius, nearby multi-million dollars SFR properties
  • Highly desirable layout, park-like settings by foothill area of San Gabriel Mountains
  • Expansive combined lots size of ±37,413 SF
  • ALL units are single-story bungalows: combination of Single-family Houses and Duplexes
  • 3 properties totaling 26 units: NO ON-SITE MANAGER IS REQUIRED!
  • Turnkey Solution: Sierra Bonita Bungalows offers a hassle-free investment opportunity with fully upgraded apartments, allowing investors to generate income immediately after acquisition.
  • Completely renovated in 2022-2023 with excellent amenities: fenced units, electronic RFI unit locks, fully upgraded unit (with permits), private front yard/patio, manicured landscaping, etc.
Documents
Title
OFFERING MEMORANDUM
Flyer-SierraBonitaBungalows-2024.pdf
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Location
Gallery