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485 E Washington Blvd 20 Unit Apartment Building $4,850,000 ($242,500/Unit) 6.30% Cap Rate Pasadena, CA 91104
INVESTMENT HIGHLIGHTS
- OVER 6% CAP RATE
- REALLY STRONG RENTAL LOCATION
- CASH COW TYPE OF PROPERTY
- LARGE 38k SF LOT SIZE
- GREAT IN PLACE RENTS WITH BIG UPSIDE
EXECUTIVE SUMMARY
***SELLER WANTS TO SEE ALL OFFERS***ONE OF THE BEST CAP RATES IN PASADENA RIGHT NOW*** OVER 6% CASH ON CASH RETURN with solid rent growth as units turn over and become vacant. Over all this is a fantastic bread-n-butter apartment investment on almost ONE ACRE of land. Super strong rental location of Pasadena with low maintenance type buildings. Two single-story buildings offering a unit mix of One 3Bed+2bath, Three 2Bed+1bath and 16 spacious 1Bed+1bath units and NO SOFT-STORY. Each unit is equipped with wall-mounted air conditioning and heating, a mix of tile and carpet flooring, and expansive kitchens with gas oven/stove combinations. The property is well-maintained, showcasing an open grass courtyard, an on-site laundry facility that yields a steady flow of income with open and carport parking.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$460,451
|
$33.22
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$13,814
|
$1.00
|
| Effective Gross Income |
$446,637
|
$32.23
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$141,153
|
$10.18
|
| Net Operating Income |
$305,484
|
$22.04
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $460,451 |
| Annual Per SF | $33.22 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $13,814 |
| Annual Per SF | $1.00 |
| Effective Gross Income | |
|---|---|
| Annual | $446,637 |
| Annual Per SF | $32.23 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $141,153 |
| Annual Per SF | $10.18 |
| Net Operating Income | |
|---|---|
| Annual | $305,484 |
| Annual Per SF | $22.04 |
PROPERTY FACTS
| Price | $4,850,000 | Apartment Style | Garden |
| Price Per Unit | $242,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.88 AC |
| Cap Rate | 6.30% | Building Size | 13,859 SF |
| Gross Rent Multiplier | 10.53 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 1.44/1,000 SF |
| Zoning | RM32, Pasadena - Multiple Dwelling | ||
| Price | $4,850,000 |
| Price Per Unit | $242,500 |
| Sale Type | Investment |
| Cap Rate | 6.30% |
| Gross Rent Multiplier | 10.53 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.88 AC |
| Building Size | 13,859 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1950 |
| Parking Ratio | 1.44/1,000 SF |
| Zoning | RM32, Pasadena - Multiple Dwelling |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
- Yard
SITE AMENITIES
- Courtyard
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | $1,767 | 600 |
| 2+1 | 3 | $2,136 | 1,000 |
| 3+2 | 1 | $3,200 | 1,250 |
1 1
Walk Score®
Very Walkable (70)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 5838-040-010 | Improvements Assessment | $614,786 |
| Land Assessment | $568,671 | Total Assessment | $1,183,457 |
PROPERTY TAXES
Parcel Number
5838-040-010
Land Assessment
$568,671
Improvements Assessment
$614,786
Total Assessment
$1,183,457
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485 E Washington Blvd
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