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Oakland Apartments 610 N Oakland Ave 8 Unit Apartment Building $2,680,000 ($335,000/Unit) 5.69% Cap Rate Pasadena, CA 91101
INVESTMENT HIGHLIGHTS
- High In-Place Cap Rate of 5.7%, 7.1% with Market Rents
- Ideal Unit Mix Consisting of Large 1 & 2-Bedroom Units
- Great Condition with Approx. 20% Upside
- Well-Maintained Building with Individual Meters & Water Heaters
EXECUTIVE SUMMARY
Oakland Apartments is an 8-unit apartment building located in the desirable city of Pasadena, CA. This property offers an ideal unit mix of large 1- and 2-bedrom units with amenities that include laminate wood flooring, stainless steel appliances, quartz countertops, custom kitchen cabinetry, and upgraded bathrooms. The property features carport parking spaces, individual gas and electric meters, individual water heaters, new windows, a newly upgraded shared laundry facility which is owned, copper plumbing, and a new roof. The property offers an investor the opportunity to acquire a fully occupied asset in excellent condition with approximately 20% upside. Strong in place rents generate a current cap rate of 5.7%, 7.1% with market rents.
PROPERTY FACTS
| Price | $2,680,000 | Apartment Style | Low-Rise |
| Price Per Unit | $335,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 5.69% | Building Size | 6,904 SF |
| Gross Rent Multiplier | 12.74 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1958 |
| Property Type | Multifamily | Parking Ratio | 1.3/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | PSR1 | ||
| Price | $2,680,000 |
| Price Per Unit | $335,000 |
| Sale Type | Investment |
| Cap Rate | 5.69% |
| Gross Rent Multiplier | 12.74 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 6,904 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.3/1,000 SF |
| Zoning | PSR1 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $1,959 | 750 |
| 2+1 | 4 | $2,336 | 950 |
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Walk Score®
Very Walkable (87)
Bike Score®
Biker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 5731-005-060 | Improvements Assessment | $927,177 |
| Land Assessment | $1,623,648 | Total Assessment | $2,550,825 |
PROPERTY TAXES
Parcel Number
5731-005-060
Land Assessment
$1,623,648
Improvements Assessment
$927,177
Total Assessment
$2,550,825
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Oakland Apartments | 610 N Oakland Ave
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