OFFERS DUE: August 22nd, 2017 - 2:00pm PST
LAST DAY for PROPERTY TOUR: August 21st, 2017
INVESTMENT HIGHLIGHTS
- TRUE Prime value-add opportunity with 100% vacancy in a Class A location in the San Gabriel Valley submarket
- Excellent location within the Downtown Pasadena area; Nearby amenities within walking distance:
- The Westin Pasadena
- Pasadena City Hall, Pasadena Public Library, Pasadena Courthouse
- Shopping & Lifestyle: Paseo Colorado, Old Town Pasadena, Apple store, 24-hour Fitness, Target, Vroman Bookstore, Urth Café, etc.
- Arts & Museums: USC Pacific Asia Museum, Pasadena Museum of California Art, Pasadena Playhouse, Norton Simon Museum
- Pasadena Convention Center, Pasadena Ice Skating Rink
- The only NON-rent controlled value-add apartment deal in the San Gabriel Valley submarket that does not require any tenant buyout
- Strong demographics with ±$110,000 average household income within a 3-mile radius
- Highly desirable area South of 210 FWY with VERY LIMITED INVENTORY
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
- One of the strongest submarkets in the San Gabriel Valley; High rent growth and low vacancy rate area
PROPERTY HIGHLIGHTS
- Excellent unit mix with good distribution of 3 bedroom to Single units
- Overparked building with total of 173 parking spaces (54 extra spaces) ; Parking structure was completed in 1984
- Many units have private/shared balcony and views of the San Gabriel Mountains or Pasadena Old Town
- Possibility to add more units by converting back the current maintenance office into 2 units (buyer to verify this with the City of Pasadena)
- Amenities: elevator, bike rack, playground area, large shared laundry room, separately metered for electricity and gas
- Most units have smooth ceiling, plenty of linen closets, bright with large windows
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer Los Robles Apartments – 262 N Los Robles Ave, a 93-unit value-add non-rent controlled apartment investment opportunity located in the highly desirable City of Pasadena, CA. The property is located within the Pasadena Playhouse District, an eclectic cosmopolitan community rich in history and architecture. Because of this superb location, it has a Walk Score 89 out of 100, demonstrating high “walkability” to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues.
The property is a three-story garden style apartment community with a center courtyard and two levels of subterranean parking (the buildings were completed separately in 1949 and relocated to the current location on top of the then newly-built parking structure in 1984). Amenities of this property include an elevator, security cameras in the common area, bike racks, and a playground area that could be converted into a barbecue area and etc. The property is separately metered for electricity and gas. Domestic hot water is produced by gas-fired boilers. Heating is provided by wall mounted gas heaters. Cooling is provided by window or wall mounted systems.
The property offers an appealing unit mix with seven (7) 3 bedroom+1 bathroom, nineteen (19) 2 bedroom+1 bathroom, nineteen (19) 1 bedroom+1 bathroom, twenty (20) large studio, twenty (20) studio, and eight (8) single/bachelor units.
Most units have an excellent layout with large windows and smooth plaster ceilings. Almost all units on the 2nd and 3rd floors have access to private/shared balcony with views of San Gabriel Mountains or the historic Old Pasadena. Each unit has carpet flooring, plenty of storage cabinets, non-upgraded kitchen, and a bathroom.
Two units (unit 127 & unit 129) were combined into a management office, and one unit (unit 130) is currently being used as a storage space. This “storage” unit could be easily utilized as a leasing office or a gym, giving investors the potential to put units back into service.
The property has a two-level subterranean parking lot with a total of 173 parking spaces. Based on the unit mix, only 119 parking spaces are needed for the residents. The advantage of over park provides a great opportunity for the investor to capitalize on the additional 54 parking spaces by charging additional rent.
The property is being sold completely vacant in an as-is condition. This presents a clean slate opportunity for value-add investors to acquire a TRUE value-add apartment deal in a Class A location in San Gabriel Valley submarket.
LOCATION AMENITIES AND ACCESS
The property is located in the highly desirable downtown area of Pasadena – more specifically, in the renowned Pasadena Playhouse district situated south of the 210 Freeway. It is in arguably one of the best locations in the city boasting a Walk Score of 89 out of 100, demonstrating high “walkability” to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues. It offers convenient access to the best amenities the City of Pasadena has to offer.
It is located just a few properties away from The Westin Pasadena, Pasadena City Hall, and is within walking distance to The Paseo Colorado, which features premier dining and retail outlets plus a cinema. In less than a mile away, historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center and Pacific Asia Museum are within walking distance. In addition, the California Technical Institute, the historic Tournament of Roses house, and the Norton Simon Museum are all less than two miles away.
The property has superb access to FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.