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580 N Holliston Ave 5 Unit Apartment Building $2,250,000 ($450,000/Unit) 4.96% Cap Rate Pasadena, CA 91106
Investment Highlights
- Excellent Unit Mix Consisting of One Approx. 2000 Sq. Ft. 3-Bedroom 2.5-Bath Craftsman Style Home & Four 2-Bedroom 1-Bath Units
- Great Location Near the Historic, Coveted Neighborhood of Bungalow Haven
- Interior and Exterior Has Been Extensively Remodeled with Custom High-End Finishes
- 5.0% Cap Rate on Current, 6.4% on Market
Executive Summary
We are pleased to present Holliston House & Apartments, a charming, well-maintained and substantially upgraded 5-unit community in Pasadena, CA. The property features a one-of-a-kind unit mix consisting of a beautiful 2000 sq. ft. 3-bedroom 2.5-bath + Den craftsman style home and four 2-bedroom 1-bath units with covered parking and individual gas and electric meters. All units have been extensively remodeled with high-end designer finishes such as quartz countertops, stainless steel appliances, custom cabinetry, recessed LED lighting, fully remodeled kitchens and bathrooms. The home features central heating, a wall A/C unit in every room, washer/dryer hookups, hardwood flooring, a basement, and a den. The 2-bedroom units are spacious with an open floor plan and feature high quality wood-look tile flooring, custom walk-in showers with designer tiles, new wall heating and A/C units. Nearly everything is brand new, including: roofs, plumbing, electrical, dual-pane windows, and driveway. With strong rents in place, this asset generates a current cap rate of 5.0%, 6.4% with market rents. This property is ideal for investors seeking a well-located, turnkey asset with upside potential and NO differed maintenance.
Property Facts
| Price | $2,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $450,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 4.96% | Building Size | 7,319 SF |
| Gross Rent Multiplier | 13.89 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.05/1,000 SF |
| Zoning | PSR1 - Public, Semi-Public, Recreation | ||
| Price | $2,250,000 |
| Price Per Unit | $450,000 |
| Sale Type | Investment |
| Cap Rate | 4.96% |
| Gross Rent Multiplier | 13.89 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 7,319 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.05/1,000 SF |
| Zoning | PSR1 - Public, Semi-Public, Recreation |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer Hookup
- Tile Floors
- Kitchen
- Hardwood Floors
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Den
- Quartz Countertops
Site Amenities
- 24 Hour Access
- Walking/Biking Trails
- Wi-Fi
- Storage Space
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $2,375 | 685 |
| 3+2.5 | 1 | $4,000 | 2,000 |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5739-020-017 | Improvements Assessment | $369,423 |
| Land Assessment | $706,832 | Total Assessment | $1,076,255 |
Property Taxes
Parcel Number
5739-020-017
Land Assessment
$706,832
Improvements Assessment
$369,423
Total Assessment
$1,076,255
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580 N Holliston Ave
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