Prime 23-unit Value-add in heart of Pasadena Civic Center, Walk to Old-Town, High 5.5% ACTUAL CAP Rate w/ Close to 7% Proforma CAP in a Class-A Location, Efficient Unit Mix, High Density Commercial Zoned Lot, Irreplaceable Location with Over 5% Cash-on-Cash Return.
INVESTMENT HIGHLIGHTS
- One of the best locations in Pasadena - Superb placement right in the heart of the CIVIC CENTER District in Pasadena
- Offered below replacement costs with High CAP Rate and Low Price per Unit for a high-quality location!
- Steps away from: The Paseo on Colorado, USC Pacific Asia Museum, City Hall, Ruth’s Chris Steak House, The Westin Pasadena, Pasadena Convention Center, and many other attractions in Pasadena!
- Excellent demographics with ±$122,408 average household income in a one-mile radius
- Nearby many major employers in Pasadena such as the City of Pasadena, Kaiser Permanente, retail centers in Old Town Pasadena, The Paseo, and other employers
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- EXCELLENT Location right in the heart of core Pasadena – Walk and Bike Score 88
- Excellent unit mix for young professionals in a high-density Downtown area of Pasadena
- High Density Zoning (PSC) and surrounded by much higher density commercial and residential buildings
- Not a historical building for future redevelopment potential
- Large lot for this quality location, parking provided
- Large units with some units having some upgrades, and some units have dual pane windows
- Many of the units have been upgraded
- Separately metered for electricity and gas, shared laundry room, and a master water heater
EXECUTIVE SUMMARY
Growth Investment Group California and Remax Realty & Investments as the exclusive listing brokers, are proud to offer 259 N Euclid Ave: a prime value-add multifamily investment opportunity located in one of the best areas in Pasadena. Situated in the Civic Center District and several properties away from the Pasadena Courthouse and City Hall, this property offers a SUPERB and unbeatable location, perfect for a savvy investor as a buy and hold asset. With this combination of a high-quality location and excellent unit mix, the property provides younger professional tenants with most of the attractions the City of Pasadena has to offer. Literally within walking distance to shopping, dining, and transportation, this location has a Walk and Bike Score of 88. The property is being offered for sale at below replacement costs for such a high-quality location and provides an attractive 5.51% Actual CAP Rate and a Low Price per unit.
The property is a two-story apartment with some upgrades. It was built in 1955 and has a total of 12,780 SF and situated on a ±11,811 SF Lot (Zoning is PSC – CD-MU-G). It is surrounded by a much higher density commercial/apartment building. Unlike other apartments in the area, this property has parking (9 spaces in the back) which provides excellent amenities to young professionals living in the building. It offers an excellent unit mix for this urban area with eight (8) large 1bed+1bath, seven (7) large Studio, five (5) junior Studio, and three (3) Bachelor (no kitchen) units. The unit mix is perfect and suitable for the location, as it encourages young professionals and a slightly higher turnover, all for a new owner to recapture the future market rent. The location would provide consistent and high demand for rental units like this.
Approximately 11 out of 23 units have had upgrades. Some units have new double pane windows, and the upgraded units have new wood flooring and updated plumbing. All units have smooth ceiling and excellent layout. Each unit is separately metered for electricity and gas. Parking is at the back of the lot. There is a total of 9 spaces with 8 assigned to units, and 1 is rented. There is an additional shared laundry room in the basement for the community, and a master water heater.
LOCATION AMENITIES AND ACCESS
The property is located north of Walnut St, a mature and quiet commercial district. Just a few properties away from City Hall and Courthouse, and within steps away from many major attractions such as: The Paseo (open area shopping mall), US Pacific Asia Museum, dining, Old Town Pasadena, Pasadena Convention Center, and other well-known shopping and dining areas. This location offers tenants and unbeatable area amenities. It has an excellent demographic of a $122,408 average household income within a 1-mile radius. The property has immediate access to FWY 210 and FWY 134 and offers an clean commute to additional employment centers of Pasadena, downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connects to Downtown Los Angeles.