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839 N Summit Ave 14 Unit Apartment Building $4,429,000 ($316,357/Unit) 4.60% Cap Rate Pasadena, CA 91103
INVESTMENT HIGHLIGHTS
- 5 vacant units ready for immediate move in at market rate
- Each unit has a private balcony and covered parking
- Potential for high value add over the years
EXECUTIVE SUMMARY
Introducing an exceptional opportunity to acquire Summit Apartments, a value-add property located in the desirable Villa Parke community of Pasadena.
5 units ready for immediate move in including 3 units fully remodeled and 9 units with long term tenants. This apartment building offers a combination of one- and two-bedroom units, featuring amenities such as new laminate wood flooring and private balconies. The property is situated in a gated community and includes a laundry room, covered parking, and copper plumbing. Built in 1989, this asset presents significant potential for rental income growth. The building includes 9 units with long-term, well-established tenants and 5 vacant units, each 1-bedroom, 1-bath. 3 of these vacant units have been fully renovated, boasting new floors, fresh paint, updated kitchens, and modern bathrooms allowing the new owner the flexibility to choose and put their own tenants in place right away.
5 units ready for immediate move in including 3 units fully remodeled and 9 units with long term tenants. This apartment building offers a combination of one- and two-bedroom units, featuring amenities such as new laminate wood flooring and private balconies. The property is situated in a gated community and includes a laundry room, covered parking, and copper plumbing. Built in 1989, this asset presents significant potential for rental income growth. The building includes 9 units with long-term, well-established tenants and 5 vacant units, each 1-bedroom, 1-bath. 3 of these vacant units have been fully renovated, boasting new floors, fresh paint, updated kitchens, and modern bathrooms allowing the new owner the flexibility to choose and put their own tenants in place right away.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$271,200
|
$14.78
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$271,200
|
$14.78
|
| Taxes |
$48,400
|
$2.64
|
| Operating Expenses |
$67,800
|
$3.70
|
| Total Expenses |
$116,200
|
$6.33
|
| Net Operating Income |
$155,000
|
$8.45
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $271,200 |
| Annual Per SF | $14.78 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $271,200 |
| Annual Per SF | $14.78 |
| Taxes | |
|---|---|
| Annual | $48,400 |
| Annual Per SF | $2.64 |
| Operating Expenses | |
|---|---|
| Annual | $67,800 |
| Annual Per SF | $3.70 |
| Total Expenses | |
|---|---|
| Annual | $116,200 |
| Annual Per SF | $6.33 |
| Net Operating Income | |
|---|---|
| Annual | $155,000 |
| Annual Per SF | $8.45 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Hardwood Floors
- Oven
- Range
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Gated
- Laundry Service
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | $1,774 | - |
| 2+1 | 4 | $1,875 | - |
1 1
Walk Score®
Very Walkable (84)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 5725-011-017 | Total Assessment | $4,032,589 |
| Land Assessment | $3,024,442 | Annual Taxes | $48,400 ($2.64/SF) |
| Improvements Assessment | $1,008,147 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
5725-011-017
Land Assessment
$3,024,442
Improvements Assessment
$1,008,147
Total Assessment
$4,032,589
Annual Taxes
$48,400 ($2.64/SF)
Tax Year
2025
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839 N Summit Ave
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