Exclusive Listings

PASADENA COLLECTION - Prime 80-Units Value Add in Pasadena

Address:
251, 265, 275, 285, 303 N Oakland Ave
Pasadena, CA 91101
Price:
$22,490,000
Status:
Sold
Type:
Apartment
# Units:
80
Year Built:
Building Size:
57,819 SF
Lot Size:
72,718 SF
CAP Rate:
4.12% *
GRM:
15.37 *x
Price/Unit:
$281,100
Price/SqFt:
$389

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 

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 (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

  • Attractive garden style apartments with excellent curb appeal
  • Good unit mix with good distribution of 2bedroom, 1bedroom and Studio units
  • Amenities: gated parking, secured entrance
  • Separately metered for electricity and gas; some units have private patio/balcony
  • FIVE (5) separate parcels which provide flexibility on investment and exit strategy
  • Blank canvas for a creative investor to rehab the property and maximize its income potential

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer PASADENA COLLECTION, a total 80-unit value-add non-rent controlled apartment investment opportunity located in the highly desirable city of Pasadena, CA. The portfolio 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 “VERY WALKABLE” location to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues.

The portfolio consists of Five (5) apartment buildings that are adjacent to each other: 251 N Oakland Ave (14-units), 265 N Oakland Ave (19-units), 275 N Oakland Ave (12-units), 285 N Oakland Ave (22-units), and 303 N Oakland Ave (13-units).  The portfolio 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.

251 N Oakland – 14-units

Built in 1954, the property is a two-story garden style apartment with 12 subterranean parking spaces. Amenities include a shared laundry room, gated parking, secured entry, and basketball court in the back. The property is separately metered for electricity and gas. The property has a total of fourteen (14) 1-bedroom + 1-bedroom units. Each unit is bright with good layout and many windows.

265 N Oakland – 19-units

Built in 1962, the property is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. The property offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. The 2-bedroom units are large and bright with an attractive and functional layout. Each unit is separately metered for electricity and gas. Parking is provided by 19 spaces in the back (11 carports and 8 tuck-under parking spaces). Access to parking area is through building 285 N Oakland Ave.

275 N Oakland – 12-units

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 thirteen (13) units, with nine (9) 1 bedroom+1 bathroom and three (3) studio units. It has 15 parking spaces provided by 5-carports, 6 tuck-under, and 4 open spaces.

285 N Oakland – 22-units

Built in 1960, the property is a two-story garden style apartment with an attractive center courtyard, a swimming pool, and an excellent curb appeal. The property offers a superb unit mix of six (6) large 2-bedroom+2-bathroom, two (2) 2-bedroom+1-1/2-bathroom and fourteen (14) large 1-bedroom+1-bathroom units. Each unit is large and bright with excellent layout.

The 2-bedroom units are large and bright with an attractive and functional layout. Several 2nd floor front units have pitched ceiling, large windows with views and private balcony/patio. Each unit is separately metered for electricity and gas. Parking is provided by 20 spaces in the back (12 carports and 8 tuck-under parking spaces).

303 N Oakland – 13-units

Built in 1958, the property is a two-story garden style apartment with an attractive curb appeal. The property offers a good unit mix of six (6) 2-bedroom+1-bathroom, and seven (7) 1-bedroom+1-bathroom units. Each unit is large and bright with excellent layout.  Several 2nd floor units have private patio areas with views of San Gabriel Mountains. Each unit is separately metered for electricity and gas. Parking is provided by 13 spaces (6 carports, 5 tuck-under, and 2 subterranean parking spaces). The access to parking area is located on Corson St.



LOCATION AMENITIES AND ACCESS

The portfolio 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 “VERY WALKABLE” location to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues. It is located approximately nine-minutes’ walk from the Metro Gold Line at the Memorial Park Station stop. It offers convenient access to the best amenities the City of Pasadena has to offer.

It is located within walking distance from The Westin Pasadena, Pasadena City Hall, and 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 portfolio 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.

Marketing Files


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

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Office:
GROWTH INVESTMENT GROUP CALIFORNIA
1487 E Colorado Blvd.
Pasadena, CA 91106
By Appointment Only - No Walk-ins
Front Office: 626.594.4901

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