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1910-1918 Lincoln Ave 16 Unit Apartment Building $3,450,000 ($215,625/Unit) 6.31% Cap Rate Pasadena, CA 91103
INVESTMENT HIGHLIGHTS
- Highest Cap Rate (6.31%) and Lowest GRM (10.21) in Pasadena
- Favorable Unit Mix
- Proximity to 210, 134 and 110 Freeways
- 16-Unit Value Add Opportunity
- Walk Score 80
- Located Near Public Transit (A Line)
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present 1910-1918 Lincoln Ave
- two separate, eight unit (16) value-add apartment buildings
located in Pasadena.
This property offers an investor the opportunity to renovate
common areas / unit interiors to increase current rents which
are approximately 12% under market. The property features
an excellent unit mix of (12) one-bedroom/one-bathroom units,
(2) two-bedroom/one-bathroom units and (2) studios. The two
buildings total to 8,430 square feet and sit on a 14,307 square foot
lot zoned PSR1.
Located just a couple of miles north of Old Town Pasadena in the
Lincoln-Villa neighborhood, 1910-1918 Lincoln Ave boasts a walk
score of 80 (very walkable) and is close in proximity to a variety
of local gyms, markets, schools and eateries. This Pasadena
neighborhood sits just east of the Rose Bowl and is a short
drive away to La Cañada Flintridge and Altadena. Conveniently
positioned near the 210, 134 and 110 freeways, residents have an
easy commute to Downtown LA, Eagle Rock, Highland Park and the
rest of the San Gabriel Valley. The property is also nearby several
of Pasadena’s A Line Stations providing convenient westbound
access to DTLA, Hollywood, Koreatown and LAX.
- two separate, eight unit (16) value-add apartment buildings
located in Pasadena.
This property offers an investor the opportunity to renovate
common areas / unit interiors to increase current rents which
are approximately 12% under market. The property features
an excellent unit mix of (12) one-bedroom/one-bathroom units,
(2) two-bedroom/one-bathroom units and (2) studios. The two
buildings total to 8,430 square feet and sit on a 14,307 square foot
lot zoned PSR1.
Located just a couple of miles north of Old Town Pasadena in the
Lincoln-Villa neighborhood, 1910-1918 Lincoln Ave boasts a walk
score of 80 (very walkable) and is close in proximity to a variety
of local gyms, markets, schools and eateries. This Pasadena
neighborhood sits just east of the Rose Bowl and is a short
drive away to La Cañada Flintridge and Altadena. Conveniently
positioned near the 210, 134 and 110 freeways, residents have an
easy commute to Downtown LA, Eagle Rock, Highland Park and the
rest of the San Gabriel Valley. The property is also nearby several
of Pasadena’s A Line Stations providing convenient westbound
access to DTLA, Hollywood, Koreatown and LAX.
PROPERTY FACTS
| Price | $3,450,000 | Apartment Style | Low-Rise |
| Price Per Unit | $215,625 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 6.31% | Building Size | 8,430 SF |
| Gross Rent Multiplier | 10.21 | No. Stories | 2 |
| No. Units | 16 | Year Built | 1949 |
| Property Type | Multifamily | Parking Ratio | 1.9/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | PSR1 - Residential | ||
| Price | $3,450,000 |
| Price Per Unit | $215,625 |
| Sale Type | Investment |
| Cap Rate | 6.31% |
| Gross Rent Multiplier | 10.21 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 8,430 SF |
| No. Stories | 2 |
| Year Built | 1949 |
| Parking Ratio | 1.9/1,000 SF |
| Zoning | PSR1 - Residential |
AMENITIES
UNIT AMENITIES
- Kitchen
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 2 | - | - |
| 1+1 | 12 | - | - |
| 2+1 | 2 | - | - |
Walk Score®
Very Walkable (72)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,420,548 | |
| Land Assessment | $2,367,588 | Total Assessment | $3,788,136 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,367,588
Improvements Assessment
$1,420,548
Total Assessment
$3,788,136
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1910-1918 Lincoln Ave
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