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Washington Courtyard 518 E Washington Blvd 9 Unit Apartment Building $3,050,000 ($338,889/Unit) 6.36% Cap Rate Pasadena, CA 91104
Investment Highlights
- Turnkey property.
- Individually metered utilities.
- Walk Score of 74.
- All unit interiors have been upgraded.
- Located in a well-established Pasadena residential submarket.
- Stabilized cash flow profile.
Executive Summary
Washington Courtyard presents an opportunity to acquire a well-located, individually metered multifamily asset in Pasadena at in-place economics that already track close to market rents, offering a stabilized cash flow profile with modest additional upside as remaining units roll to market.
Property Facts
| Price | $3,050,000 | Apartment Style | Low-Rise |
| Price Per Unit | $338,889 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.35 AC |
| Cap Rate | 6.36% | Building Size | 8,406 SF |
| Gross Rent Multiplier | 11.21 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1.07/1,000 SF |
| Zoning | PSR3 - Residential | ||
| Price | $3,050,000 |
| Price Per Unit | $338,889 |
| Sale Type | Investment |
| Cap Rate | 6.36% |
| Gross Rent Multiplier | 11.21 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 8,406 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.07/1,000 SF |
| Zoning | PSR3 - Residential |
Amenities
Site Amenities
- Laundry Facilities
- Tenant Controlled HVAC
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | 850 |
| 2+1.5 | 3 | - | 1,000 |
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Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5730-001-021 | Improvements Assessment | $803,866 |
| Land Assessment | $978,040 | Total Assessment | $1,781,906 |
Property Taxes
Parcel Number
5730-001-021
Land Assessment
$978,040
Improvements Assessment
$803,866
Total Assessment
$1,781,906
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