4.85% CAP - Beautiful asset in south of Colorado Blvd location, Arcadia adjacent, Highly desirable layout

60 El Nido Avenue, Pasadena, CA

$5,800,000

Price

4.85%

Cap Rate

$281,416

NOI

Gallery
Street
Map
Overview
Cap Rate
4.85%
NOI
$281,416
Pro Forma Cap Rate
6.16%
Lot Area
20,570 sqft
Occupancy
100%
Class
A
Units
15
GRM
15.43
Year Built
1946
Price Per Unit
$387,000
Zoning
R3
Floors
2
Parking Spots
12
Year Last Renovated
2023-2024
Construction Status
EXISTING
Roof
asphalt shingles
Description

Growth Investment Group California as the exclusive listing agent is proud to offer 60 EL NIDO, a HIGH CAP Rate and almost turnkey 12-unit + 3 ADUs garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. With CAP Rate Close to 5% in a Class-A Location, Single-story duplexes layout, and Arcadia adjacent location, this offering provides an extremely rare opportunity for investors to acquire a beautifully upgraded apartment in an excellent location in Pasadena. Six out of 12 units (50%) have been completely upgraded and provides new owners with immediate market rent without having to deal with tenant relocation and units upgrade process.

The property is a beautiful asset with attractive four single-story duplexes and one two-story fourplex in the back. It is located in a mature and quiet residential neighborhood with superb access to many City of Pasadena and City of Arcadia have to offer. It is near Target shopping center, Hastings Ranch neighborhood in Pasadena and located close to City of Arcadia border with Santa Anita Mall just minutes away. The property was built in 1946 and underwent massive renovation in 2023-2024. It is situated on an oversized ±20,570 SF lot size with medium density zoning RM-32 (32 units/Acre). It has excellent curb appeal with front drought tolerant landscaping, new wrought-iron gate and fencing, and many more upgrades.

It offers an attractive unit mix of 8 x 1bedroom+1bathroom, 4 x Studio, and will be built 3 x New ADUs 1bedroom+1bathroom. Each unit is bright with an excellent layout. Six out of 12 units have been fully upgraded with high-end finishings such as brand-new flooring throughout, brand new kitchen with kitchen island complete with high-end cabinets and quartz countertops, brand new bathroom complete with tiled bathroom and new vanity cabinets, new mini-split HVAC system in living room and bedroom, and brand new almost everything. The upgraded unit comes with laundry machines. Four back units have large private balcony/patio. There is a large common area backyard in the back, complete with a large fruit producing Avocado tree.

Parking is provided by 12 parking spaces where each of the 4 duplexes has 2 parking spaces in between the units (no shared wall between units). The remaining 4 parking spaces are in the back fourplex. Each unit has an individual water heater and separately metered for electricity and gas. The owner is in the process of obtaining final approval for 3 ADUs and the price includes the 3 ADUs built. Upon completion the 3 ADUs will have 2024 Certificate of Occupancy dates which meant that they will NOT be under any rent control ordinance.

Highlights
  • Excellent location South of 210 FWY and South of Colorado Blvd in core Pasadena; Arcadia Adjacent location
  • Excellent demographics with ±$159,000 AHH Income (1-mile radius)
  • Nearby desirable Hastings Ranch neighborhood in Pasadena, Arcadia adjacent location
  • Located in a quiet and mature residential area with excellent access to Pasadena and Arcadia amenities
  • Extremely easy to rent apartment due to its excellent location and highly desirable layouts
  • Highly desirable garden style layout! 6 out of 12 units (50%) have been completely upgraded with high-end finishes.
  • Beautiful asset with an excellent curb appeal, beautifully landscaped
  • Combination of Four single-story Duplexes, and a two-story fourplex; No shared wall between 8 units in the four duplexes
  • Large lot size with medium-high density zoning R3
  • Asset have good bones with future potential of higher rents or future development potential
Documents
Title
Flyer-60ElNidoNew.pdf
OM-60ElNidoNew.pdf
* Documents permissions are set by the listing owner, request information to access locked documents.
Location
Gallery