777 N Los Robles Ave

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Address: 777 N Los Robles Ave, Pasadena, CA 91104, USA
Created date: April 3, 2024
Date last updated: April 3, 2024

Property Description

Growth Investment Group California as the exclusive listing agents are proud to offer 777 N Los Robles, Pasadena. This offering provides a whopping ±6.6% CAP Rate and ±8.8% Proforma CAP Rate (buyer to verify CAP Rates), which currently one of the highest CAP Rate for apartments in Pasadena and West San Gabriel Valley submarket. With recent lower interest rates, a buyer could potentially purchase this property with a low down-payment of 35% only and yet still realizing a high 7% Cash-on-cash return (with principal reduction – BUYER TO VERIFY!). Walk Score 86 – Bike Score 91. The property is a two-story apartment with a charming colonial revival architecture. It was built in 1910; it has a large building size of ±6,664 SF and situated on a large ±14,061 SF lot. It offers a desirable unit mix (for Pasadena rent control area) of one x 2bed+1bath+den, one x 2bed+1bath, seven x 1bed+1bath, and one x Studio (non-conforming). Four units have been upgraded with brand new flooring throughout, LED lighting, brand new kitchen with quartz countertops + new kitchen cabinets + stainless steel appliances, updated bathroom, and much more. The remaining non-upgraded 7 units provide ±24% rental upside, which upon turnover will take the current CAP Rate to a whopping 8.8% proforma CAP Rate (buyer to verify). The property has new exterior paint and new common area paint as well. It has a total of 12 parking spaces in the back (10 open + 2 garages). No parking soft story is required. New owners can take advantage of the garage by renting it out or even converting it into ADU. The property does not have any common area laundry which provides additional income opportunities by installing laundry machines. It has master metered for electricity and gas.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $2,500,000
No. of Units: 11
Cap Rate: 6.6%
GRM /GIM: 10.63
Building Size: 6,664 Sq ft
Lot Size: 14,061.00 Sq ft
Opportunity Zone: No
Price per unit: $227,273
Address: 777 N Los Robles Ave, Pasadena, CA 91104, USA

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