397 S. Sierra Madre Blvd.
Pasadena, CA 91107 ·
13 Units · Multifamily For Sale
13 UNITS - PASADENA
|No. Units||13||Gross Rent Multiplier||13.72|
|Building Size||7,850 SF||Occupancy||100%|
|Property Type||Multifamily||No. Stories||2|
|Property Sub-type||Garden/Low-Rise||Year Built||1951|
|Property Use Type||Investment||Lot Size||0.37 AC|
|Commission Split||5%||Parking Ratio||12 / 1,000 SF|
|Listing ID: 14209187||Date Created: 05/13/2005||Last Updated: 07/29/2005|
The subject property is located in the city of Pasadena on the west side of Sierra Madre Boulevard between Del Mar and California. The property has no rent control as such the owner can easily increase the current rents to market levels to obtain a higher rate of return. The current financing on the property, which the buyer will assume, is a fixed rate loan at an interest rate of 4.58%. The low interest rate will provide positive leverage for the investor with the property generating a cash-on-cash return of 5%. In a marketplace with limited inventory, this property provides an excellent opportunity for an investor seeking a stable investment in an excellent neighborhood with strong upside potential. The subject property is a single two-story building, constructed in 1951 and situated on a .37 acre lot. The building has a stucco and wood exterior and is comprised of 4 single / 1 bathroom units, 8 one bedroom / one bathroom and 1 two bedroom / one bathroom units. Amenities such as carports, laundry facilities and air-conditioning are available for tenants. The well-maintained grounds of the complex blend into the beautiful tree-lined boulevard of Sierra Madre.
Pasadena is a city located in Los Angeles County in the state of California. As of the 2000 census, the city had a total population of 133,936. Pasadena is the main population and cultural center of the San Gabriel Valley. It is the 8th largest city in Los Angeles County. Pasadena is probably most famous for the annual Tournament of Roses Parade and Rose Bowl Game. Yet, the city is also home to the world-renowned California Institute of Technology which manages the Jet Propulsion Laboratory. Located just 15 minutes from downtown Los Angeles, at the base of the San Gabriel Mountains, the city's popular shops and restaurants blend comfortably with tree-lined streets, distinctive neighborhoods, historic buildings and a vibrant cultural scene. Local government is progressive and extends unmatched customer service in an environment of sound fiscal management.
- Strong, stable cash flow with no vacancies
- Well maintained building with beautiful landscaping
- Large renter market with the median home
- Excellent neighborhood just north of the San Marino community
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