LOS ROBLES TEN APARTMENTS
735-745 N. Los Robles Avenue
Pasadena, CA 91104
OFFERING METRICS
LISTING PRICE
$3,180,000
CAP RATE
4.39%
GRM
15.46
PRICE PER UNIT
$318,000
PRICE PER SF
$404.99
PROPERTY OVERVIEW
Located on North Los Robles Avenue in Pasadena, California, this 10-unit apartment complex is a great investment opportunity for a new buyer looking for day one cash flow with assumption of the existing interest only loan and the ability to redevelop an existing portion of the property.
Currently, the property maintains (7) 1 bed / 1 bath, (2) – 2 bed / 1 bath, and (1) – 2 bed / 2 bath units offering ±7,825 of building SF on a ±25,347 SF lot. With current zoning of RM-32, a new buyer will have the ability to add up to nine units to the investment opportunity.
With the asset’s location directly across the street from Baja Ranch Market and easy access to Old Town Pasadena, Rose Bowl, The Paseo, Shops on Lake, and 210 Freeway, this asset is strategically located for huge future growth in potential rent.
OPPORTUNITY HIGHLIGHTS
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Two separate properties on adjacent lots (6 Units & 4 Units)
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RM-32 zoning allows for a new buyer to build an additional nine units. Opportunity to increase density through the redevelopment of the rear portion of the property
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Property has been renovated with upgraded electrical, plumbing, sewer lines, and electrical panels
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Opportunity to add on-site laundry room (Has not been utilized due to laundromat across the street)
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No gas expense for owner
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Within proximity to Old Town Pasadena, Rose Bowl, The Paseo, Shops on Lake, and Baja Ranch Market
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Nine units have been fully renovated
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Buyer must assume the interest only financing of $1,550,000 at 5% due in November 2023