Growth Investment Group is proud to offer Monarch Terrace, a 20-unit luxury apartment community in one of the best locations in the City of Pasadena, California. This offering presents a rare opportunity for investor to acquire a well located, newer built, semi-upgraded luxury apartment community in one of the strongest sub-market in the West San Gabriel Valley. The property has very low vacancy history with waiting list due to its lower rents compared to other rental units in the area. This provides significant upside potential for new owner to bring rents closer to market.
The property is a newer construction that was built in 1987 and situated on a large ±19,898 SF lot (zoned High Density RM48). It has a total ±18,375 SF building size and boasts an excellent unit mix of nineteen (19) 2-bedroom and 2-bathroom units and one (1) 1-bedroom and 1-bathroom unit. Every unit has a private patio or balcony (five units have two private patios/balconies). Many ground floor units have large private patios. The end 4 units are in two separate buildings and do not share any common wall with other unit. Each unit has central A/C and heating, individual water heater, in-unit washer dryer, bright and spacious layout (some units have open concept layout), private patio/balcony, hardwood vinyl flooring, and other amenities.
The property is separately metered for electricity and gas and has an additional private storage area for rent. It offers ample parking via a gated and secured subterranean parking area that provides 43 parking spaces. The property has secured entrance, intercom system and security cameras installed. It has undergone major capital improvements in the past 10 years. Some of the recent capital improvements are new draught tolerant landscaping, new for rent storage area, exterior paint, new lightings, new signage, etc.
