112 N Mar Vista Ave
Highly Attractive Yield: 6.22% in-place CAP rate with proven upside potential, offering a rare balance of strong current cash flow and future growth.
Premier Educational Hub: Exceptionally located just blocks from the California Institute of Technology (Caltech) and Pasadena City College (PCC), ensuring a constant tenant pipeline.
Strong Demographics: Situated in a highly affluent area with an average household income of ±$125,446 within a 1-mile radius.
World-Class Walkability: Just minutes from the Pasadena Playhouse, Old Town Pasadena, Target, Amazon Fresh, Vroman’s Bookstore, Urth Caffé, and a vibrant dining scene.
Strategic Transit Access: Seamless connectivity to the 210, 134, and 110 freeways, providing an easy commute to Downtown Los Angeles, Burbank, and Glendale.
Well maintained two-story garden style apartment with excellent curb appeal, gated entrance and secured parking
Corner lot location with a wide ±84’ frontage on Union Street
Eight out of 10 units have been updated: updated kitchen and flooring
One unit may be delivered vacant
Excellent roof condition, double pane windows throughout, minimum landscaping, low maintenance property and easy to manage, updated exterior paint
Good unit mix with good distributions of 2-bedroom and 1-bedroom units
Great location with Walk Score 94, Bike Score 85
Separately metered for electricity and gas, carport parking (no soft story retrofit required), seller own laundry machines
Property Description
Growth Investment Group California is proud to offer 112 N Mar Vista, a very well-maintained property in an excellent location only several blocks away from CALTECH and Pasadena City College. With a walk score of 94 and proximity to many amenities in the area including Lake Ave District and Old Town Pasadena and flurries of restaurants along Colorado Blvd, this community offers an ease of management and easy to rent investment. Offered at an attractive 6.22% CAP Rate, this investment presents an excellent opportunity for savvy investors to buy a very well-located apartment with no known deferred maintenance and excellent in-place rents. The property was built in 1959 and situated on southeast corner of Mar Vista Ave and Union St. It has a total of ±6,920SF building size and is situated on a large ±8,744SF R4 lot. It has small lawn in the front with side paver stone courtyard that provides easy access to units. The roof is in excellent condition, all the windows have been upgraded, and the property has updated exterior paint. It offers an excellent unit mix of two (2) 2-bedroom+1-bathroom, and eight (8) 1-bedroom+1-bathroom units. Approximately 8 out of 10 of the units have had upgrades with updated kitchen, updated flooring and updated bathroom (buyer to verify). The units are spacious and bright with updated dual pane windows throughout. Two units are vacant and can be delivered vacant There are 9 parking spaces provided by carports in the back – there is no soft story retrofit required. Parking is secured by an automatic parking gate. There is a shared laundry room with seller’s own machines. Each unit is separately metered for gas and electricity.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $3,285,000 |
| No. of Units: | 10 |
| Cap Rate: | 6.22% |
| GRM /GIM: | 11.86 |
| Year Built: | 1959 |
| Building Size: | 6,920 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $328,500 |
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