518 S Sierra Madre Blvd - Apartments FOR SALE


Pasadena, CA 91107
$2,800,000 USD
818-212-2738
518 S Sierra Madre Blvd, Pasadena, CA for Sale
$2,800,000 USD
Apartments - FOR SALE
1/4
null | 5.65% Cap Rate

518 S Sierra Madre Blvd
Pasadena, CA 91107


HIGHLIGHTS

  • Rare Opportunity – First time on the market in over 20 years
  • Well Maintained Charming 1950’s property located in historically sought after rental location
  • Favorable Unit Mix – Property consists of Eight (8) 1+1 units and Three (3) 2+1 units
  • Excellent Location – Situated at the border of Pasadena and San Marino, walking distance to Colorado Blvd, easy access to 210 freeway and Metrolink
  • New Roof (1 year old), Copper plumbing (Vertical/Horizontal), Electrical Upgrades (Partial), New Windows (Partial), and New Paint

OVERVIEW

Located within the Unincorporated Los Angeles section of Pasadena at the border of San Marino, situated between San Pasqual Ave and California Blvd, 518 S Sierra Madre Blvd, Pasadena, CA 91107 is a charming 1950 built well maintained eleven (11) unit apartment building. Situated on 0.26 acres of land with an approximate rentable square feet of 8,091, the eleven (11) units consists of eight (8) 1+1 units and three (3) 2+1 units. The units feature open floor plans with great natural light, wood and/or wood like flooring, ample closet space, wall a/c and gas heaters. The building has a charming curb appeal with a lush courtyard that has fruit trees and mature landscaping which add to the quiet and picturesque environment. The property features a laundry room with two (2) washers and two (2) dryers. Adjacent to the laundry room is an outdoor sitting area with fruit trees and succulent plants. There are six (6) garages that will be delivered vacant at the close of escrow. The new owner has the opportunity to rent as storage or parking to existing and/or future tenants. Recent upgrades to the property include but are not limited to a new roof (approximately 1 year old), copper plumbing (vertical/horizontal), new windows (Southside of property), partial upgraded electrical, and new paint. Current rents are approximately 15% below market, providing the owner an opportunity to improve the income over time as the opportunity presents itself. 518 S. Sierra Madre is a rare opportunity for an investor to acquire a very well maintained, upgraded apartment building in a desirable and historically sought after rental market.

FOR SALE DETAILS

PRICE

$2,800,000 USD

PRICE/SF

$228 USD /SF

# OF UNITS

11

PRICE/UNIT

$254,545

CAP RATE

5.65%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1950

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.26 AC

LAND SF

11,294 SF

ZONING

RM16, Pasadena

APN/PARCEL ID

5331-001-002

ASK ABOUT THIS PROPERTY

Matt ZieglerMarcus & MillichapMore Info
818-212-2738

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Matt ZieglerMarcus & MillichapMore Info
818-212-2738

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