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285 E Del Mar Boulevard

Pasadena, CA 91101
  • $3,250,000
  • STATUS: Active Under Contract
  • ON SITE: 86 Days
  • ID#: 24371155
Under Contract
UPDATED: 86 min ago
$3,250,000
  • 13
    BEDS
  • 0.2
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 6,048
    SQFT
  • $537
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1964
County:

School Ratings & Info

Listing Agent(s): Alexander Metaxas of Realty Investment Advisors, Inc. () and Benjamin J. Hsiang of ()


Description

FIRST TIME ON THE MARKET IN OVER 20 YEARS! An opportunity to acquire a turn-key, 7 unit property with a 4.70% Cap on EXISTING RENTS in one of the most sought after parts of Pasadena. The meticulously maintained building shows no signs of deferred maintenance and boasts as a WALKER'S PARADISE with its prime location. It offers an array of desirable features such as full copper plumbing, a pitched roof that was recently replaced and updated windows to name a few. There are Two 2 Bed +1.5 bath townhouse style units, Four 2 Bed + 1 bath units and One 1 Bed + 1 bath unit and ALL have washers and dryers inside. The two-story units are about ~900 SF, the 2Bed units are about ~850-875 SF and the 1Bed is over 600 SF, making these units generous in space and rental desirability. Almost all of them have been remodeled to include newer cabinets in kitchens and hallways, Quartz countertops, Vinyl plank flooring and updated appliances including dishwashers. These apartments have a history of quickly renting, further adding to the stability of this investment. Offering on-site, gated parking for 8 cars with a secured entrance helps limit property access only to tenants. The former laundry room can be utilized to potentially increase rental income as a value-add opportunity for the next owner. The units are separately metered for electricity and gas and each with their own water heater. Properties in this condition and this part of the city rarely come up for sale, so don't miss out on buying this prime piece of real estate. PLEASE DO NOT DISTURB THE TENANTS.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-16T15:29:25.91. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
www.playavistaliving.com/homes/148801308
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285 E Del Mar Boulevard Pasadena, CA 91101

  • Price: $3,250,000
  • Status: Active Under Contract
  • On Site: 86 Days
  • Updated: 86 min ago
  • ID#: 24371155
13
Beds
0
Baths
0
½ Baths
0.2
Acres
6,048
SQFT
$537
$/SQFT
1964
Built
Neighborhood:
648 - Pasadena (SE)
County:
Los Angeles
Area:
648 - Pasadena (SE)
Property Description
FIRST TIME ON THE MARKET IN OVER 20 YEARS! An opportunity to acquire a turn-key, 7 unit property with a 4.70% Cap on EXISTING RENTS in one of the most sought after parts of Pasadena. The meticulously maintained building shows no signs of deferred maintenance and boasts as a WALKER'S PARADISE with its prime location. It offers an array of desirable features such as full copper plumbing, a pitched roof that was recently replaced and updated windows to name a few. There are Two 2 Bed +1.5 bath townhouse style units, Four 2 Bed + 1 bath units and One 1 Bed + 1 bath unit and ALL have washers and dryers inside. The two-story units are about ~900 SF, the 2Bed units are about ~850-875 SF and the 1Bed is over 600 SF, making these units generous in space and rental desirability. Almost all of them have been remodeled to include newer cabinets in kitchens and hallways, Quartz countertops, Vinyl plank flooring and updated appliances including dishwashers. These apartments have a history of quickly renting, further adding to the stability of this investment. Offering on-site, gated parking for 8 cars with a secured entrance helps limit property access only to tenants. The former laundry room can be utilized to potentially increase rental income as a value-add opportunity for the next owner. The units are separately metered for electricity and gas and each with their own water heater. Properties in this condition and this part of the city rarely come up for sale, so don't miss out on buying this prime piece of real estate. PLEASE DO NOT DISTURB THE TENANTS.
Exterior Features

Parking Features Gated Parking Total 8

Interior Features

Heating Wall Furnace Heating YN Yes

Property Features

Association YN No Cap Rate 4.7 Community Features Gated Gross Income 219828 Laundry Features Inside Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 152661 New Construction YN No Rent Control YN Yes Security Features Gated Community Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 0 Zoning PSR4



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-16T15:29:25.91. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
 
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Team Tami | Palm Realty Boutique
323 Culver Blvd.
Playa del Rey CA, 90293
Listing Agent(s): Alexander Metaxas of Realty Investment Advisors, Inc. () and Benjamin J. Hsiang of ()