1218 Pine St - Apartments FOR SALE


South Pasadena, CA 91030
$7,300,000 USD
626-429-0685
1218 Pine St, South Pasadena, CA for Sale
$7,300,000 USD
Apartments - FOR SALE
1/14
null | 4.57% Cap Rate

1218 Pine St
South Pasadena, CA 91030


HIGHLIGHTS

  • Trophy multifamily asset, built and sold by original owner
  • 17 oversized units: 1 Studio, 4 (1BD/1.5BA), 11 (2BD/1.75BA), 1 (2BD/1.75BA + Den)
  • Gated entry with secure access and parking
  • 26 total parking spaces, including tuck-under and surface
  • Central lobby and elevator-served floors

OVERVIEW

San Tropez Apartment Homes is a pride of ownership, 3 story building, elevator served, building with a flat rolled composition roof and a slab foundation. The entrance and parking are gated; there is a lobby in the front entrance and interior hallways. Unit Mix: 1- studio/ 1 bath; 4-1 bed/1.5 bath; 11- 2 bed/ 1.75 bath; 1-2/2.5 bath + Den. There are 26 total parking spaces: 2 garages; 15 tuck-under & 9 carports. Some spaces have storage in the parking area. The driveway & parking area is concrete. Individually metered for electric & hot water (all electric building). Owner pays water/sewer & trash. All units have central A/C & heat. There are updated fixtures, hardware and lighting throughout the units. Most units have laminate vinyl flooring some have carpet. Each unit has a dining room and a balcony or patio (except the studio, unit #103). There is a common area laundry room with 2 washers & 2 dryers leased from CSC Service Works. There is a trash chute on each floor for tenants’ convenience. Original galvanized plumbing. Some of the plumbing has been replaced over the years but only as needed. The age of the roof is unknown but is older. Original sub-panels and main panel. Some have been upgraded as units turn over. San Tropez Apartment Homes is under statewide rent control AB 1482. There is no city rent control but on June 28, 2023 the City of South Pasadena adopted and implemented a “Just Cause for Eviction Ordinance” which became permanent on December 15, 2023.

FOR SALE DETAILS

PRICE

$7,300,000 USD

PRICE/SF

$227 USD /SF

# OF UNITS

17

PRICE/UNIT

$429,412

CAP RATE

4.57%

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

San Tropez Apartment Homes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1967

PARKING SPACES

26

LAND DETAILS

LAND ACRES

0.39 AC

LAND SF

17,136 SF

ZONING

SPR310000*

APN/PARCEL ID

5319-021-011

ASK ABOUT THIS PROPERTY

Kevin LutzKW CommercialMore Info
626-429-0685

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Kevin LutzKW CommercialMore Info
626-429-0685

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.