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Value Add Opportunity 755-757 E Pine St 19 Unit Apartment Building $5,195,000 ($273,421/Unit) 6.94% Cap Rate Altadena, CA 91001
Investment Highlights
- 19-Unit Value-Add Opportunity Well-scaled multifamily asset featuring 19 units on a ±0.51-acre parcel in a supply-constrained Altadena submarket.
- Attractive Unit Mix for Workforce Housing Efficient mix of studios, 1BR, and 2BR units appeals to a broad renter base and supports long-term occupancy
- Desirable Altadena Location Positioned in a high-demand foothill community adjacent to Pasadena, known for strong demographics and limited new supply.
- Significant Vacancy = Immediate Upside Ten (10) vacant units provide a rare opportunity to renovate and lease without tenant displacement risk.
- Value-Add Renovation Play Clear path to increase NOI through interior upgrades, operational improvements, and strategic lease-up.
- Proximity to Major Employment Hubs Minutes from key employers including Caltech, Jet Propulsion Laboratory (JPL), and the broader Pasadena.
Executive Summary
The LAAA Team of Marcus & Millichap is pleased to present 755 East Pine Street, a 19-unit value-add apartment community located in Altadena (unincorporated Los Angeles County), directly north of Pasadena and positioned at the base of the San Gabriel Mountains. The offering features a highly functional, workforce-oriented unit mix totaling ±13,682 square feet on a ±0.51-acre parcel, providing scale in a supply-constrained foothill submarket with strong renter demand driven by nearby Pasadena employment, education, and medical nodes.
The property consists of (2) Studios (±435 SF), (10) 1BR/1BA (±756 SF), and (7) 2BR/1BA (±925 SF), per seller/owner information. Four (4) renovated units are currently available, allowing an incoming owner to lease finished product immediately rather than fund and execute a turn program from day one.
Originally constructed in 1958, the subject property benefits from classic Southern California garden-style fundamentals and on-site amenities that support durable tenant demand. Public marketing sources for this address indicate features such as a pool, on-site laundry, and gated/on-site parking. Altadena’s profile is further supported by high-income demographics, with U.S. Census QuickFacts showing median household income of $128,720 (2020–2024, in 2024 dollars).
Altadena is located in unincorporated Los Angeles County and is not subject to the City of Los Angeles RSO. The property falls under the County of Los Angeles Rent Stabilization and Tenant Protections Ordinance, which limits annual rent increases to 60% of CPI and includes just cause eviction protections.
Altadena sits immediately north of Pasadena with convenient access to the Pasadena employment base, including major institutions such as Caltech and the Jet Propulsion Laboratory (JPL), as well as a broad concentration of professional services and innovation-oriented employers throughout the Pasadena corridor. The neighborhood setting also benefits from proximity to everyday retail and transit stops, and walkability indicators for the immediate area have been described as “Very Walkable” in third-party neighborhood scoring.
The property consists of (2) Studios (±435 SF), (10) 1BR/1BA (±756 SF), and (7) 2BR/1BA (±925 SF), per seller/owner information. Four (4) renovated units are currently available, allowing an incoming owner to lease finished product immediately rather than fund and execute a turn program from day one.
Originally constructed in 1958, the subject property benefits from classic Southern California garden-style fundamentals and on-site amenities that support durable tenant demand. Public marketing sources for this address indicate features such as a pool, on-site laundry, and gated/on-site parking. Altadena’s profile is further supported by high-income demographics, with U.S. Census QuickFacts showing median household income of $128,720 (2020–2024, in 2024 dollars).
Altadena is located in unincorporated Los Angeles County and is not subject to the City of Los Angeles RSO. The property falls under the County of Los Angeles Rent Stabilization and Tenant Protections Ordinance, which limits annual rent increases to 60% of CPI and includes just cause eviction protections.
Altadena sits immediately north of Pasadena with convenient access to the Pasadena employment base, including major institutions such as Caltech and the Jet Propulsion Laboratory (JPL), as well as a broad concentration of professional services and innovation-oriented employers throughout the Pasadena corridor. The neighborhood setting also benefits from proximity to everyday retail and transit stops, and walkability indicators for the immediate area have been described as “Very Walkable” in third-party neighborhood scoring.
Property Facts
| Price | $5,195,000 | Apartment Style | Low-Rise |
| Price Per Unit | $273,421 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Cap Rate | 6.94% | Building Size | 13,682 SF |
| Gross Rent Multiplier | 10.35 | Average Occupancy | 90% |
| No. Units | 19 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1958/1962 |
| Property Subtype | Apartment | Parking Ratio | 1.39/1,000 SF |
| Zoning | LCR3YY - Multiple Residential | ||
| Price | $5,195,000 |
| Price Per Unit | $273,421 |
| Sale Type | Investment |
| Cap Rate | 6.94% |
| Gross Rent Multiplier | 10.35 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 13,682 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built/Renovated | 1958/1962 |
| Parking Ratio | 1.39/1,000 SF |
| Zoning | LCR3YY - Multiple Residential |
Amenities
Unit Amenities
- Storage Space
- Kitchen
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 756 |
| 2+1 | 7 | - | 925 |
| Studios | 2 | - | 435 |
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Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5841-030-021 | Improvements Assessment | $1,302,174 |
| Land Assessment | $2,367,592 | Total Assessment | $3,669,766 |
Property Taxes
Parcel Number
5841-030-021
Land Assessment
$2,367,592
Improvements Assessment
$1,302,174
Total Assessment
$3,669,766
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