518 E Washington Blvd - Apartments FOR SALE


Pasadena, CA 91104- Orange Heights
$3,100,000 USD
626-429-0685
518 E Washington Blvd, Pasadena, CA for Sale
$3,100,000 USD
Apartments - FOR SALE
1/22
null | 6.08% Cap Rate

518 E Washington Blvd
Pasadena, CA 91104
Orange Heights


HIGHLIGHTS

  • Turnkey property, most systems upgraded
  • Upgraded, plumbing and sewer, tankless water heaters in laundry room, electrical, decks, carport roof vinyl windows (more than 50% replaced). All in
  • All 2- and 3-bedroom units (Eight 2 bedrooms and One 3 bedroom)
  • Central heating, wall A/C or mini-split for cooling
  • Gated entrance & parking. 9 parking spaces: 8 carports; 1 tuck under
  • Common area laundry room, machines owned by the building

OVERVIEW

The Washington Courtyard Apartments present a well-maintained, 9-unit garden-style property comprised of a two-story building constructed in 1961, featuring a pitched composition shingle roof and slab foundation. The property offers both gated entry and parking, with a total of nine spaces including eight detached carports and one tuck-under space. Situated on a 15,442 SF lot, the property encompasses approximately 8,406 SF with a unit mix of five 2-bedroom/1-bath units, three townhouse-style 2-bedroom/1.5-bath units, and one 3-bedroom/1-bath unit (originally a 2-bedroom unit converted without permits). The property has benefited from extensive capital improvements, including copper re-piping of all units in 2020 and comprehensive sewer line upgrades with Perma-Liner technology. Interior upgrades across units include vinyl flooring, stone kitchen countertops, updated appliances, recessed lighting, modern fixtures, ceiling fans, and select mirrored closet doors, with units 3, 6, and 8 featuring fully renovated kitchens with new cabinetry. Additional improvements include the replacement of 56% of windows and 60% of sliding doors with vinyl in 2021, upgraded electrical sub-panels and main panels, and recently installed tankless water heaters (2026). Residents benefit from individually metered gas and electricity, central heating in all units, and a mix of wall A/C units and mini-splits, with one unit featuring full central HVAC. The property also includes an on-site laundry facility with owned machines. Exterior upgrades include a replaced second-floor walkway decking and railing baseplates (2018), as well as a newly replaced carport roof (2025). The main building roof, approximately 20 years old, has been consistently maintained. The property is subject to Pasadena’s Measure H rent control ordinance and has completed its SB 721 inspection, with only minor maintenance recommended, which will be completed by the seller—making this a turnkey investment opportunity with strong in-place improvements and long-term upside potential.

FOR SALE DETAILS

PRICE

$3,100,000 USD

PRICE/SF

$369 USD /SF

# OF UNITS

9

PRICE/UNIT

$344,444

CAP RATE

6.08%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Washington Courtyard Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1961

PARKING SPACES

9

LAND DETAILS

LAND ACRES

0.35 AC

LAND SF

15,442 SF

ZONING

RM32, Pasadena

APN/PARCEL ID

5730-001-021

ASK ABOUT THIS PROPERTY

Kevin LutzKW CommercialMore Info
626-429-0685

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Kevin LutzKW CommercialMore Info
626-429-0685

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