308 Pasadena Ave 20 Unit Apartment Building $6,280,000 ($314,000/Unit) 5.01% Cap Rate South Pasadena, CA 91030

308-310 Pasadena Ave is a well-maintained 20-unit apartment building located in South Pasadena, offering an efficient unit mix and a total of 9,990 gross square feet of living space on a sprawling 20,978-square-foot lot. Built in 1953, the property
features highly desirable floorplans, including eighteen 1- bedroom/1-bathroom units and two 2-bedroom/1-bathroom units. The boasts extensive recent renovations, with 75% of the interiors having completed physical upgrades. The building also
benefits from 19 on-site parking spaces, an inviting community pool, communal laundry facilities, and private balconies for
select units. A unique feature of this asset is a high land-to-building ratio on an R3-zoned parcel, presenting a potential opportunity for an investor to add ADU's in the back. With 15 of the 20 units already upgraded and currently operating at 90% physical occupancy, the property offers a distinct competitive advantage and a proven concept in the area. This 1953-built asset requires minimal near-term interior capital expenditures, providing strong potential for sustained tenant demand and making it a compelling investment in the highly sought-after South Pasadena rental market.