755-757 E Pine St - Apartments FOR SALE


Altadena, CA 91001
$5,195,000 USD
818-577-9893
755-757 E Pine St, Altadena, CA for Sale
$5,195,000 USD
Apartments - FOR SALE
1/12
null | 6.94% Cap Rate

755-757 E Pine St
Altadena, CA 91001


HIGHLIGHTS

  • 19-Unit Value-Add Opportunity Well-scaled multifamily asset featuring 19 units on a ±0.51-acre parcel in a supply-constrained Altadena submarket.
  • Significant Vacancy = Immediate Upside Ten (10) vacant units provide a rare opportunity to renovate and lease without tenant displacement risk.
  • Attractive Unit Mix for Workforce Housing Efficient mix of studios, 1BR, and 2BR units appeals to a broad renter base and supports long-term occupancy
  • Value-Add Renovation Play Clear path to increase NOI through interior upgrades, operational improvements, and strategic lease-up.
  • Desirable Altadena Location Positioned in a high-demand foothill community adjacent to Pasadena, known for strong demographics and limited new supply.
  • Proximity to Major Employment Hubs Minutes from key employers including Caltech, Jet Propulsion Laboratory (JPL), and the broader Pasadena.

OVERVIEW

The LAAA Team of Marcus & Millichap is pleased to present 755 East Pine Street, a 19-unit value-add apartment community located in Altadena (unincorporated Los Angeles County), directly north of Pasadena and positioned at the base of the San Gabriel Mountains. The offering features a highly functional, workforce-oriented unit mix totaling ±13,682 square feet on a ±0.51-acre parcel, providing scale in a supply-constrained foothill submarket with strong renter demand driven by nearby Pasadena employment, education, and medical nodes. The property consists of (2) Studios (±435 SF), (10) 1BR/1BA (±756 SF), and (7) 2BR/1BA (±925 SF), per seller/owner information. Four (4) renovated units are currently available, allowing an incoming owner to lease finished product immediately rather than fund and execute a turn program from day one. Originally constructed in 1958, the subject property benefits from classic Southern California garden-style fundamentals and on-site amenities that support durable tenant demand. Public marketing sources for this address indicate features such as a pool, on-site laundry, and gated/on-site parking. Altadena’s profile is further supported by high-income demographics, with U.S. Census QuickFacts showing median household income of $128,720 (2020–2024, in 2024 dollars). Altadena is located in unincorporated Los Angeles County and is not subject to the City of Los Angeles RSO. The property falls under the County of Los Angeles Rent Stabilization and Tenant Protections Ordinance, which limits annual rent increases to 60% of CPI and includes just cause eviction protections. Altadena sits immediately north of Pasadena with convenient access to the Pasadena employment base, including major institutions such as Caltech and the Jet Propulsion Laboratory (JPL), as well as a broad concentration of professional services and innovation-oriented employers throughout the Pasadena corridor. The neighborhood setting also benefits from proximity to everyday retail and transit stops, and walkability indicators for the immediate area have been described as “Very Walkable” in third-party neighborhood scoring.

FOR SALE DETAILS

PRICE

$5,195,000 USD

PRICE/SF

$380 USD /SF

# OF UNITS

19

PRICE/UNIT

$273,421

CAP RATE

6.94%

% LEASED

90%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Value Add Opportunity

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1958

PARKING SPACES

19

LAND DETAILS

LAND ACRES

0.51 AC

LAND SF

22,216 SF

ZONING

LCR3YY

APN/PARCEL ID

5841-030-021

ASK ABOUT THIS PROPERTY

Filip NiculeteMarcus & MillichapMore Info
818-577-9893

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Filip NiculeteMarcus & MillichapMore Info
818-577-9893

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