485 E Washington Blvd - Apartments FOR SALE


Pasadena, CA 91104- Normandie Heights
$4,990,000 USD
626-313-4901
485 E Washington Blvd, Pasadena, CA for Sale
$4,990,000 USD
Apartments - FOR SALE
1/18
null | 6.12% Cap Rate

485 E Washington Blvd
Pasadena, CA 91104
Normandie Heights


HIGHLIGHTS

  • OVER 6% CAP RATE
  • LARGE 38k SF LOT SIZE
  • REALLY STRONG RENTAL LOCATION
  • GREAT IN PLACE RENTS WITH BIG UPSIDE
  • CASH COW TYPE OF PROPERTY

OVERVIEW

OVER 6% CAP RATE ON CURRENT RENTS! Great investment offering at under $250k per unit on almost 1 acre of land. A Buyer could be looking at over a 6% CASH ON CASH RETURN with this property even with today's interest rates. Cash cow opportunity in super strong rental location with bulletproof buildings on a large lot with BIG UPSIDE! Possibilities for ADU and great rent growth make this one of the best opportunities in Pasadena right now. With mostly single-story floor plans offering a unit mix of One 3Bed+2bath, Three 2Bed+1bath and 16 spacious 1Bed+1bath units. Each unit is equipped with wall-mounted air conditioning and heating, a mix of tile and carpet flooring, and expansive kitchens with gas oven/stove combinations. The property is well-maintained, showcasing an open grass courtyard, an on-site laundry facility that yields a steady flow of income with open and carport parking.

FOR SALE DETAILS

PRICE

$4,990,000 USD

PRICE/SF

$360 USD /SF

# OF UNITS

20

PRICE/UNIT

$249,500

CAP RATE

6.12%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1950

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.88 AC

LAND SF

38,252 SF

ZONING

RM32, Pasadena

APN/PARCEL ID

5838-040-010

ASK ABOUT THIS PROPERTY

Alexander MetaxasRealty Investment AdvisorsMore Info
626-313-4901

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Alexander MetaxasRealty Investment AdvisorsMore Info
626-313-4901

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