First Time for Sale Since 1981, 6-unit Value-add near Caltech and PCC, Significant Rental Upside, Fully Upgraded Electrical Panels, Roofs are in Excellent Condition, Garage in the back for ADU conversion.
A 6-unit value-add apartment in a highly desirable location in the City of Pasadena, CA. This property has been very well maintained by current family who have owned it since 1981. Fully occupied, current rents are approximately ±56% below market – all tenants are month-to-month. It is located only between Allen Ave and Hill Ave and within walking distance from CALTECH and Pasadena City College. It is minutes away from most of City of Pasadena amenities such as Lake Ave Shopping District and Old Town Pasadena. It has excellent demographics of ±$143,972 average household income in a 1-mile radius.
The property offers excellent curb appeal with well-manicured front lawn and mature trees. Ownership recently upgraded the main electrical panels for each unit and resurfaced the driveway. It consists of 2 buildings, a fourplex in the front, and a duplex in the back. The property has a total 3,936SF living space and sits on a large 9,004SF CL Zone Lot (Commercial Limited – buyer to verify). The front building was built in 1959 and the back 2 units were built in 1927 (based on city’s online permit - buyer to verify).
The front 4-unit consists of two (2) 2bedroom+1bathroom, and two (2) 1bedroom+1bathroom, and the back duplex consists of one (1) 2bedroom+1bathroom and one (1) 1bedroom+1bathroom units. All the tenants are on month-to-month agreement, and the rents are approximately ±56% below market (buyer to verify). Each unit has functional layout with windows A/C, ceiling fans, tiled kitchen and tiled bathroom.
Each unit is separately metered for electricity and gas with individual water heater. Parking is provided by 8-10 parking spaces (4 carport, 2 car garage for unt 1759, 2 surface, and 1 garage that can park tandem). The owner’s garage (can park 2 small car – tandem) has been converted into storage unit for seller’s personal use and is prime for ADU conversion (buyer to verify). There is a shared laundry room (seller own machines).
The property is located on a side street that has mostly residential buildings and some commercial retail properties. It has excellent demographics of $143,972 average household income within a 1-mile radius.
