12-u Value-add near Old Town Pasadena, First Time For Sale Since 1984, Electrical Panels Upgraded

Highlights:

• - Priced attractively at low price per unit and 6.39% Proforma CAP Rate
• - First Time for Sale since 1984
• - Excellent location minutes away from Old Town Pasadena, Rose Bowl, and FWY 210
• - Walk Score 84, Bike Score 87
• - Excellent demographics with ±$120,347 average household income in a 1-mile radius
• - Superb location two blocks from Lake Ave and within walking distance to many amenities in the City of Pasadena
• - Excellent Curb Appeal - Very well maintained with well-manicured landscaping with center courtyard
• - Fully upgraded electrical main panels (2 areas – total ±$100,000 in value)
• - Two separate properties – each is 6 units, buyer will have flexibility of individual resale in the future
• - Easy to Manage unit mix (All 1bedroom); Spacious and bright units
• - Separately metered for electricity and gas, laundry room, and carport parking (no soft story retrofit required)
• - Large lot size with carport parking suitable for ADUs additions
• - Roofs are in excellent condition (±10 yr old)
• - Large units averaging ±788 SF/unit (buyer to verify)
• - Four (4) units are single-story layout (no unit above) and 2 units have semi-private patio

Description:

12-unit Value-add near Old Town Pasadena, Very Well Maintained, First Time for Sale Since 1984, Significant Rental Upside, Easy to Manage and Rent, Upgraded Electrical Panels, Carport Parking, Simple Unit Mix. Proforma CAP Rate 6.39%.

Growth Investment Group California is proud to offer VILLA CATALINA - 530-540 N Catalina Ave, a 12-unit value-add apartment in a highly desirable location in the City of Pasadena, CA. These 2 properties have been very well maintained by current family who have owned it since 1984. The properties are located on a quiet residential street on Catalina Ave crossing Villa St, and only minutes away from most of City of Pasadena amenities such as Old Town Pasadena, Lake Ave Shopping District, Rose Bowl area, CALTECH and PCC. It is surrounded by other small apartments and single-family houses and has excellent demographics of ±$120,347 average household income in a 1-mile radius.

The properties consist of six-unit apartments each (530 and #540) making up the total of 12 units. They were built in 1953 and 1954, have a total building size of 7882 SF and sits on a large 18,683 SF total lot size (R3 zone – medium high-density). The property offers excellent curb appeal with well-manicured front lawn and center courtyard area. The front half of each property is a single-story layout (total 4 units) and the back half are 2 story apartments (total 8 units).

The unit mix is easy to manage and rent with all 1bedroom unit. Each unit is spacious and bright with an average unit size of 788SF (buyer to verify). Two front units have semi-private patio area. The ground floor units have original hardwood flooring, while 2nd floor units have carpet flooring. Each unit has through the wall A/C in living room and bedroom, ceiling fans, tiled kitchen, and tiled bathroom. All tenants are on month-to-month lease and current income is approximately 31% below market.

Each unit is separately metered for electricity and gas. Parking is provided by 12 carport spaces at the back (1 for each unit). There is no parking soft story retrofit required. Building is serviced by a shared laundry room (leased machines). The large lot size, R3 zoning (medium high density) and carport parking provide superb opportunity for new owner to add ADUs units in the back.

The property is located just two blocks away from Lake Ave and within walking distance to myriads of shopping and other amenities on Lake Ave and Colorado Blvd. It is within minutes from Old Town Pasadena, Rose Bowl, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographics of $120,347 average household income within a 1-mile radius. The property has superb access to FWY 210 and 110 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 connect to Downtown Los Angeles.

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