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59 S Meridith Ave 7 Unit Apartment Building $3,300,000 ($471,429/Unit) 4.77% Cap Rate Pasadena, CA 91106
INVESTMENT HIGHLIGHTS
- Walking distance (1 block away) from Pasadena City College (PCC)
- Laundry room on site with 1 coin operated washer and 1 coin operated dryer
- Excellent location with walk score of 87 and bike score of 75
EXECUTIVE SUMMARY
7 Unit Apartment building in Pasadena, CA located walking distance (1 block away) from Pasadena City College (PCC). 4 units are currently vacant and used as short-term rental (Airbnb). Airbnb business will also be included in the sale (135 reviews at 4.92 rating with “Guest Favorite” award). Unit mix: 2 x (2B+1B) and 5 x (1B+1B). Laundry room on site with 1 coin operated washer and 1 coin operated dryer (both units owned and included with the sale). New rain gutters recently installed, new facia, new paint, new windows, new plumbing, new electrical panels (3 out of 7 units), drainage updated, 2 new water heaters, refurbished roof (less than 3 years ago). 7 covered parking spots on site (all carports). Excellent location with walk score of 87 and bike score of 75. Most errands can be accomplished on foot and biking is convenient on most trips. Less than 1 mile away from California Institute of Technology (Caltech), 1.1 miles away from Huntington Library, 2 miles away from Pasadena Convention Center and 4.5 miles away from Rose Bowl.
DOWNLOAD FULL MARKETING PDF VIA LINK:
https://www.donaldlarealty.com/commercial/properties/59-s-meridith-ave-pasadena-ca-91106/
DOWNLOAD FULL MARKETING PDF VIA LINK:
https://www.donaldlarealty.com/commercial/properties/59-s-meridith-ave-pasadena-ca-91106/
PROPERTY FACTS
| Price | $3,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $471,429 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 4.77% | Building Size | 4,952 SF |
| Gross Rent Multiplier | 15.79 | No. Stories | 2 |
| No. Units | 7 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.41/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | PSR3, Pasadena | ||
| Price | $3,300,000 |
| Price Per Unit | $471,429 |
| Sale Type | Investment |
| Cap Rate | 4.77% |
| Gross Rent Multiplier | 15.79 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 4,952 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.41/1,000 SF |
| Zoning | PSR3, Pasadena |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Washer/Dryer
- Washer/Dryer Hookup
- Eat-in Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Family Room
- Garden
- Island Kitchen
- Pantry
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Private Bathroom
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| 2+1 | 2 | - | - |
1 1
Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 5736-024-007 | Improvements Assessment | $1,039,370 |
| Land Assessment | $1,278,499 | Total Assessment | $2,317,869 |
PROPERTY TAXES
Parcel Number
5736-024-007
Land Assessment
$1,278,499
Improvements Assessment
$1,039,370
Total Assessment
$2,317,869
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59 S Meridith Ave
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