265 N Oakland Ave

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Address: 265 N Oakland Ave, Pasadena, CA 91101, USA
Created date: April 3, 2024
Date last updated: April 3, 2024

Property Description

Growth Investment Group California is proud to offer 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area (Walk Score 90 and Bike Score 85). The property offers an investor the rare opportunity to own an excellent income property in one of the most coveted submarkets in the San Gabriel Valley. This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each ±800SF - Buyer to verify). The property, which has been completely renovated in 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry and private patio. It is separately metered for gas and electric, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 19 parking spaces in the back. The soft-story parking area has been seismically retrofitted. All of the units have undergone a top-to-bottom renovation in 2018-2019 (ALL PERMITTED) with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless-steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. A new owner is presented with the security of in-place master leases leased to Providence Christian College, a private Christian liberal arts college. Given its excellent real estate fundamentals, very stable operation and ease of maintenance, complete renovation, full seismic retrofitting, and an unbeatable location, the 265 N Oakland Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $11,180,000
No. of Units: 19
Cap Rate: 4.35%
GRM /GIM: 17.14
Year Built: 1962
Building Size: 14,192 Sq ft
Lot Size: 20,000.00 Sq ft
No. of Stories: 2
Opportunity Zone: No
Price per unit: $588,421
Address: 265 N Oakland Ave, Pasadena, CA 91101, USA

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