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1910-1918 Lincoln Avenue, Pasadena, CA 91103

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Address: 1910 Lincoln Ave, Pasadena, CA 91103, USA

California & West + Apartment Buildings

Created date: November 6, 2024

Date last updated: November 6, 2024

16-Unit Value Add Opportunity in Pasadena: Excellent 16-unit value add opportunity in Pasadena with current rents approximately 12% under market rate

Excellent Metrics: $237,500 price per unit / 5.39% cap rate and 11.72 GRM on current rents

Favorable Unit Mix: Excellent unit mix consisting of (2) two-bedroom/one-bathroom units, (12) one-bedroom/one-bathroom units and (2) studios

Walk Score 80: Property has Walk Score of 80 (very walkable) and it is just down the street from Homestate, Stumptown Coffee Roasters, Super King Markets, 24 Hour Fitness and right across from John Muir High School

Proximity to 210, 134 and 110 Freeways: Residents have easy commute to Downtown LA, Eagle Rock, Highland Park, La Cañada Flintridge and the rest of the San Gabriel Valley

Located Near Public Transit (A Line): close in proximity to several of Pasadena’s A Line Stations providing convenient westbound access to DTLA, Hollywood, Koreatown and LAX

Property Description

Marcus & Millichap is pleased to present 1910-1918 Lincoln Ave - two separate, eight unit (16) value-add apartment buildings located in Pasadena. This property offers an investor the opportunity to renovate common areas / unit interiors to increase current rents which are approximately 12% under market. The property features an excellent unit mix of (12) one-bedroom/one-bathroom units, (2) two-bedroom/one-bathroom units and (2) studios. The two buildings total to 8,430 square feet and sit on a 14,307 square foot lot zoned PSR1. Located just a couple of miles north of Old Town Pasadena in the Lincoln-Villa neighborhood, 1910-1918 Lincoln Ave boasts a walk score of 80 (very walkable) and is close in proximity to a variety of local gyms, markets, schools and eateries. This Pasadena neighborhood sits just east of the Rose Bowl and is a short drive away to La Cañada Flintridge and Altadena. Conveniently positioned near the 210, 134 and 110 freeways, residents have an easy commute to Downtown LA, Eagle Rock, Highland Park and the rest of the San Gabriel Valley. The property is also nearby several of Pasadena’s A Line Stations providing convenient westbound access to DTLA, Hollywood, Koreatown and LAX.

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Key Property Information

Listing Status:	Available
Property Types:	Apartment Buildings
Price:	$3,800,000
No. of Units:	16
Cap Rate:	5.43%
GRM /GIM:	11.66
Year Built:	1949
Lot Size:	8,430.00 Sq ft
No. of Stories:	2
Zoning Code:	PSR1
Opportunity Zone:	No
Price per unit:	$237,500