Consistent Increasing CAP Rates w/ ZERO Vacancy for the next 2 to 5 years! 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area (Walk Score 90 and Bike Score 85). This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. It provides the benefits of a commercial master lease while providing reliability of a turnkey multifamily asset in a strong and mature market. With known annual rent increases, the return/CAP Rate on this investment will be significantly higher as time progresses.This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each ±800SF - Buyer to verify).The property, which has been completely renovated in 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry and private patio. It is separately metered for gas and electricity, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 19 parking spaces at the back. The soft-story parking area has been seismically retrofitted. All of the units have undergone a top-to-bottom renovation in 2018-2019 (ALL PERMITTED) with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless-steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
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DAYS ON MARKET
|
155
|
LAST UPDATED
|
10/29/2024
|
|
YEAR BUILT
|
1962
|
COMMUNITY
|
Pasadena (SW)
|
|
COUNTY
|
Los Angeles
|
STATUS
|
Active
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
| AIR |
Wall/Window Unit(s) |
| AIR CONDITIONING |
Yes |
| APPLIANCES |
Dishwasher, Disposal, Dryer, Gas Range, Refrigerator, Washer, Water Heater |
| AREA |
Pasadena (SW) |
| GARAGE |
Assigned, Carport |
| HEAT |
Wall Furnace |
| HOA DUES |
0 |
| LOT |
0.46 acre(s) |
| LOT DESCRIPTION |
Landscaped, Street Level |
| PARKING |
Assigned,Carport |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
| STYLE |
Mid-Century Modern |
| UTILITIES |
Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected, Electric: Standard |
| VIEW |
Yes |
| VIEW DESCRIPTION |
Neighborhood |
| WATER |
Public |
| ZONING |
PSC- |
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Listed with Growth Investment Group Pasade
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 10/30/24 6:24 AM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2024.
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