TROPHY Class-A Location - 20-unit Steps from South Lake Ave, Erewhon, Caltech, and Old Town Pasadena | Attractive Returns with Major CapEx Completed | Bungalow Style Units + Expansive R3-Zoned Lot
INVESTMENT HIGHLIGHTS
- Trophy-Quality Class-A Location: Situated in the highly coveted Pasadena Playhouse District, offering a rare opportunity to acquire a premier asset in one of the San Gabriel Valley’s strongest and most desirable submarkets (crossing California Ave, near South Lake Ave District, Erewhon, CALTECH, and Old Town Pasadena)
- Strong Day-One Returns & Value-Add Upside: Offers an attractive 5.26% Cap Rate on current income, with significant rental upside achievable through interior renovations.
- Exceptional Demographics: Located in an affluent neighborhood boasting an average household income of ±$153,875 within a one-mile radius.
- Strategic Transit Access: Superb regional connectivity with quick access to the 210, 134, and 110 freeways, providing an easy commute to Downtown Los Angeles, Burbank, and Glendale employment centers.
- Class-A location in the strongest submarkets in the San Gabriel Valley
PROPERTY HIGHLIGHTS
- Ideal Operational Scale: Two adjacent 10-unit parcels (20 units total) operating just under the threshold that requires an on-site manager, maximizing operational efficiency.
- 529 S El Molino (Bungalow Style): A gorgeous, single-story bungalow-style complex surrounding a picturesque center courtyard. It features exceptionally large layouts, with the four rear 1-bedroom units measuring approximately ±1,036 sqft. Many units feature updates, including refinished original hardwood floors, soaring 10-foot ceilings, crown molding, upgraded bathrooms, tiled kitchens, designer lighting, in-unit laundry hookups, and individual water heaters.
- 541 S El Molino (Mid-Century Modern): A clean and attractive Mid-Century Modern building with brick paver walkways and excellent curb appeal.
- Recent Capital Expenditures: 541 S El Molino feature brand-new, fully permitted staircases and complete copper plumbing re-pipes in two of its units
- Massive Lot with Redevelopment Potential: Situated on a combined, sprawling 30,367 SQFT lot zoned R3, offering long-term potential for for-sale housing or condominium redevelopment.
- Separately Metered: Both properties are individually metered for electricity and gas, keeping owner utility expenses low.
- Carport and open space parking in the back (19 spaces, could be extended to 20); no soft story retrofit required
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer HACIENDA GARDEN, a 20-unit apartment (2 x 10-unit) investment opportunity located in the highly desirable Playhouse District area of Pasadena, an eclectic cosmopolitan community rich in history and architecture. The property is right in the heart of Pasadena with short walking distance to multiple popular districts such as South Lake Ave Business District, Erewhon, CALTECH, and Old Town Pasadena. This offer provides investors with an opportunity to acquire a well-maintained asset in a trophy location with attractive return. It has a Walk Score of 81 out of 100.
HACIENDA GARDEN is a 20-unit garden-style apartment community that consists of two properties: 529 S El Molino (10 units) and 541 S El Molino (10 units). It has a total building size of ±14,815 sqft and is situated on a large 30,367 sqft R3-zoned lot with excellent curb appeal and neatly manicured landscaping. It is exceptionally well-maintained in a Class-A neighborhood of Pasadena.
529 S El Molino is a bungalow style 10-unit with a total building size of 8,263 SF and situated on a 20,252 SF lot. It offers a gorgeous bungalow-style layout with center courtyard complete with attractive curb appeal. It has 10 units that are spread out over 5 buildings. Four of them are single story bungalows, and the fifth building is a two-story building. It has two (2) x 2-bedroom+1-bathroom, six (6) x 1-bedroom+1-bathroom, and two (2) x Studio units. Many units have been partially updated with refinished original hardwood floor, high 10ft ceiling, crown molding, upgraded bathroom, designer lighting fixtures, windows A/C, and tiled kitchen. The 4 back units are large with estimated size of ±1038 sqft per unit.
The 541-S was built in 1950, has a total building size of 6,552 SF and is situated on a 10,115 SF lot. It is a two-story garden style apartment with brick pavers walkway. It offers ten (10) x 1-bedroom+1-bathroom units. The building has brand new staircases (rebuilt with permit) and several units have been updated with 2 units have full copper plumbing.
There are 19 parking spaces that consist of 14 carports garages in the back and 5 open spaces on its sides. There are additional spaces where owner can add extra parking. The property does NOT have any tuck-under parking and does NOT require any soft story retrofit. It is individually metered for electricity and gas, and has a shared laundry room.
LOCATION AMENITIES AND ACCESS
Location is the ultimate amenity for Hacienda Garden. Situated south of the 210 Freeway in the heart of Pasadena, the property sits squarely within the renowned Playhouse District. This Class-A neighborhood features stellar demographics and offers residents convenient access to the absolute best amenities the City of Pasadena has to offer.
With a Walk Score of 81, the property is categorized as "Very Walkable." Tenants are just two blocks east of the South Lake Avenue Business District and within a short stroll of historic Old Pasadena, which houses over 200 premier shops, upscale dining, and vibrant nightlife. World-class institutions and cultural landmarks, including the California Institute of Technology (Caltech), the Norton Simon Museum, and the historic Tournament of Roses House, are all less than two miles away. Combined with effortless access to major transit corridors, Hacienda Garden delivers an unmatched living experience for premium tenants.