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Pads on Pasadena – Lincoln Heights 2301 Pasadena Ave 22 Unit Apartment Building $1,795,000 ($81,591/Unit) 8.36% Cap Rate Los Angeles, CA 90031
Investment Highlights
- 8.36% in-place cap - 9.82% stabilized
- ~$134,000 interim hostel income during lease-up
- Dual-use: boutique hostel or RSO apartments
- ~$81,591 per unit - low NELA basis
- Approved plans add a private bath to every unit
- Lincoln Heights — LAC+USC, DTLA, Metro L Line
Executive Summary
PRICE IMPROVEMENT — now $1,795,000, reduced $104,000. A 22-key boutique repositioning play in Lincoln Heights / Northeast Los Angeles, offered at an 8.36% in-place cap rate on $150,051 of net operating income, rising to a 9.82% stabilized yield on $176,230. The building is approximately 14% leased residentially today.
EXCEPTIONAL LOW BASIS: Approximately $81,591 per unit, well below the NELA submarket, with real room to push rents.
TURNKEY INTERIM INCOME: Roughly $134,000 annualized boutique-hostel income during lease-up; approved plans add a private bath to every unit.
DUAL-USE FLEXIBILITY: Operates as a boutique hostel today yet carries a valid LAHD Rent Stabilization Ordinance certificate entitling operation as a conventional residential apartment asset — optionality that broadens the exit, financing and operating strategies.
LINCOLN HEIGHTS / NORTHEAST LA: Minutes from the LAC+USC Medical Center, the USC Health Sciences Campus, Downtown Los Angeles, Chinatown and the Metro L Line.
Offered individually or as part of a 7-asset Central-LA portfolio. Full OM, proforma, T-12 and rent roll available. Full co-broke offered.
EXCEPTIONAL LOW BASIS: Approximately $81,591 per unit, well below the NELA submarket, with real room to push rents.
TURNKEY INTERIM INCOME: Roughly $134,000 annualized boutique-hostel income during lease-up; approved plans add a private bath to every unit.
DUAL-USE FLEXIBILITY: Operates as a boutique hostel today yet carries a valid LAHD Rent Stabilization Ordinance certificate entitling operation as a conventional residential apartment asset — optionality that broadens the exit, financing and operating strategies.
LINCOLN HEIGHTS / NORTHEAST LA: Minutes from the LAC+USC Medical Center, the USC Health Sciences Campus, Downtown Los Angeles, Chinatown and the Metro L Line.
Offered individually or as part of a 7-asset Central-LA portfolio. Full OM, proforma, T-12 and rent roll available. Full co-broke offered.
Property Facts
| Price | $1,795,000 | Apartment Style | Low-Rise |
| Price Per Unit | $81,591 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 8.36% | Building Size | 6,358 SF |
| Gross Rent Multiplier | 5.9 | No. Stories | 2 |
| No. Units | 22 | Year Built | 1910 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | LAC2 - Los Angeles Commercial | ||
| Price | $1,795,000 |
| Price Per Unit | $81,591 |
| Sale Type | Investment |
| Cap Rate | 8.36% |
| Gross Rent Multiplier | 5.9 |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 6,358 SF |
| No. Stories | 2 |
| Year Built | 1910 |
| Opportunity Zone |
Yes |
| Zoning | LAC2 - Los Angeles Commercial |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+0 | 18 | - | - |
| 1+1 | 3 | - | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
100/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5205-023-004 | Improvements Assessment | $455,130 |
| Land Assessment | $750,965 | Total Assessment | $1,206,095 |
Property Taxes
Parcel Number
5205-023-004
Land Assessment
$750,965
Improvements Assessment
$455,130
Total Assessment
$1,206,095
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Pads on Pasadena – Lincoln Heights | 2301 Pasadena Ave