820 N Raymond Ave

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Address: 820 N Raymond Ave, Pasadena, CA 91103, USA
Created date: April 3, 2024
Date last updated: April 3, 2024

Property Description

Growth Investment Group California as the exclusive listing agent is proud to offer THE RAYMOND VILLA, a 50-unit true value-add garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire a true value add building this size in a good location that is close to almost all amenities City of Pasadena has to offer. The property is within walking distance (±1mile) to Rose Bowl Area and Old Town Pasadena, and situated on a quiet tree-lined street on Raymond Ave and Painter St. This investment offers an ASSUMABLE LOAN with ±50.8% Loan-To-Value (LTV) at very low 2.9% interest rates fixed until October 2026 and due in 28 years (October 2051). Just by assuming the current loan and operating the building as-is, the new owner could realize a stable ±5% cash-on-cash return on year-1 and a whopping ±9.66% return stabilized at proforma/market rent (Buyer to Verify). The combination of this excellent assumable loan, great location, and its true value-add potential made this offering an excellent investment for a savvy investor. The Raymond Villa is an attractive two-story garden style community that was built in 1964 with ±36,228 SF building size and situated on a large ±51,227 SF / ±1.18-acre lot size. It has excellent curb appeal with mature trees in the front and a secured entrance and gated parking. Walking into the courtyard area, tenants will enjoy a fenced swimming pool, and multiple large and manicured garden planters and courtyard area that can be re-utilized as barbeque area, dog walking area, kids’ play area and other amenities. The Raymond Villa offers an excellent unit mix of 30 x 2bedroom+1bathroom, and 20 x 1bedroom+1bathroom units. Each unit is large and bright with an excellent layout and a private patio/balcony. Each unit is separately metered for electricity (ALL ELECTRIC building). Each unit has windows A/C, wall heating, ceiling fans, mirrored closets, and plenty of linen cabinets. ±26 units have had some kind of upgrades which may include new kitchen (new cabinets + quartz/granite countertops), and/or new bathroom (new tiled bathroom/shower, new bathroom vanity, and hardware). Parking is provided by combinations of garage on the side, tuck-under parking in the back, and a detached carport in the back. There are 50 parking spaces with 8 garage spaces on the side, 30 tuck under parking in the back, and 13 spaces in a detached carport. There are 2 laundry rooms with ±5 laundry machines in each room and all the machines belong to the owner and come with the sale. The property is separately metered for electricity. Other amenities include secured entrance and gated parking, gated swimming pool, expansive grounds, separate courtyard/planter areas, and others.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $17,480,000
No. of Units: 50
Cap Rate: 4.01%
GRM /GIM: 16.65
Year Built: 1964
Building Size: 36,228 Sq ft
Lot Size: 51,227.00 Sq ft
No. of Stories: 2
Opportunity Zone: No
Price per unit: $349,600
Address: 820 N Raymond Ave, Pasadena, CA 91103, USA

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