Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
934 North Lake Avenue . Bungalow Heaven , CA 91104
For sale 6 units apartment building located in a good part of Pasadena, California. For more information contact the listing agent, Michael McNulty Jr. 818-212-2709 Michael.McNulty@marcusmillichap.com
Posted: 02/05/2021 11:52 am
| On HOMEiZ: 1185 days |
Updated: 3 years ago
| Views: 495
Location Map
Property Type
Sold
Property Price
$1433000
$1433000
02/05/2021
0.21
Acres
$388
3696
Contact listing agent%
3.40%
$0
$48722
16.82
1.25%
$17913
Property Location & Description
For sale 6 units apartment building located in a good part of Pasadena, California. For more information contact the listing agent, Michael McNulty Jr. 818-212-2709 Michael.McNulty@marcusmillichap.com
Non Rent Control
Built in 1953, the property sits on 9,247 square feet of land with 3,696 square feet of rentable area and consists of (5) 1-Bed/1-Bath and (1) 2-Bed/1-Bath
The property offers investors the possibility to renovate all the units and capture the significant upside in rents. Unit #2, which was the
owner's unit, will be delivered vacant at the close of escrow. Although the rents are significantly below market, the property is well
maintained with no significant deferred maintenance, including the fact that this property does not need seismic retrofitting. Additionally,
each unit has above average size floor plans, and each unit has their own water heater.
With a walk score of 88, this property is located in a good part of Pasadena, allowing a value add investor to achieve much higher rents
through renovation.
6
$238833
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
1+1
5
2.
2+1
1
3.
4.
5.
100%
Wood & Stucco
1
1953
Good
Huge Value Add – 58% Upside
Ample On-Site Parking
Not Subject to LA Rent Control (5%+CPI)
Only Subject to AB-1482
Potential to Add an ADU
Well Maintained Property
Property Information
Sewer
Sewer System (Public)
Parking
Off-street
On-street
Assigned Parking
12
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Core
More information
Listing Presented by
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