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616 Prospect Ave 10 Unit Apartment Building $3,950,000 ($395,000/Unit) 4.20% Cap Rate South Pasadena, CA 91030
Investment Highlights
- 10-unit multifamily asset
- ~0.34-acre lot
- Value-add potential through renovations and rent growth
- Large unit count for submarket
- Strong South Pasadena location
- Stable long-term ownership history
Executive Summary
616 Prospect Ave is a 10-unit multifamily property located in the highly desirable South Pasadena submarket. Built in 1972 and totaling approximately 9,010 square feet, the property sits on a 0.34-acre lot and offers a solid unit mix in a supply-constrained rental market.
The property benefits from its location within a well-established residential neighborhood, providing consistent tenant demand and long-term stability. This asset presents an opportunity for investors seeking a value-add multifamily investment with upside through renovation and rental repositioning.
The property benefits from its location within a well-established residential neighborhood, providing consistent tenant demand and long-term stability. This asset presents an opportunity for investors seeking a value-add multifamily investment with upside through renovation and rental repositioning.
Data Room Click Here to Access
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $395,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.35 AC |
| Cap Rate | 4.20% | Building Size | 8,800 SF |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 1.82/1,000 SF |
| Zoning | R3, South Pasadena - Zoning: SPR3* Multifamily residential zoning (medium density) Allows apartment use (5+ units confirmed existing use) | ||
| Price | $3,950,000 |
| Price Per Unit | $395,000 |
| Sale Type | Investment |
| Cap Rate | 4.20% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 8,800 SF |
| No. Stories | 3 |
| Year Built | 1972 |
| Parking Ratio | 1.82/1,000 SF |
| Zoning | R3, South Pasadena - Zoning: SPR3* Multifamily residential zoning (medium density) Allows apartment use (5+ units confirmed existing use) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 700 |
| 2+1 | 1 | - | 900 |
| 2+2 | 2 | - | 1,400 |
| 1+1 | 2 | - | 700 |
| 2+2 | 1 | - | 900 |
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Fairly walkable
50/100
Very drivable
80/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5315-016-005 | Total Assessment | $2,557,823 |
| Land Assessment | $1,812,085 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $745,738 | Tax Year | 2025 |
Property Taxes
Parcel Number
5315-016-005
Land Assessment
$1,812,085
Improvements Assessment
$745,738
Total Assessment
$2,557,823
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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616 Prospect Ave
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