OFFERS DUE DATE: October 12, 2017 - 4:00pm PST
* CAP RATE and GRM are PROFORMA ONLY. The property is 100% VACANT
This property is available individually or as a portfolio (PASADENA COLLECTION).
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
- NON-rent controlled value-add apartment deal that does not require any tenant buyout
- Strong demographics with ±$117,000 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
- Two-story garden style apartment with an attractive curb appeal
- Amenities: Gated parking, secured entrance, shared laundry room
- separately metered for electricity and gas
- Unit has smooth ceiling, large kitchen area, and good layout
- Front unit has large windows with views, back unit has private balcony
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer 275 N Oakland Ave, a 12-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 87 out of 100, demonstrating high “walkability” to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues.
Built in 1956, the property is a two-story garden style apartment with a side walkway and 12 parking spaces. Amenities include a shared laundry room, secured entrance, and gated parking. The property is separately metered for electricity and gas. The property has a total of twelve (12) units, with nine (9) 1 bedroom+1 bathroom and three (3) studio units. It has 15 parking spaces provided by 5-carport, 6 tuck-under, and 4 open spaces.
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 87 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.