Exclusive Listings

Amberwood Terrace - Prime 28-Units in South Pasadena

Address:
1645 Amberwood Dr
South Pasadena, CA 91030
Price:
$11,350,000
Status:
Sold
Type:
Apartment
# Units:
28
Year Built:
1956
Building Size:
27,002 SF
Lot Size:
29,892 SF
CAP Rate:
3.94%
GRM:
15.71x
Price/Unit:
$405,000
Price/SqFt:
$420

INVESTMENT HIGHLIGHTS

  • SUPERB location in South Pasadena with an average household income of ±$136,000 within a mile radius
  • High walk score of 88 with superb access to many amenities within the city
  • NON-rent-controlled semi-stabilized asset suitable for a 1031 exchange buyer or a long-term investor
  • Prime South Pasadena location - South Pasadena School District – Considered as one of the best public-school district in the State of California
  • Semi Value-Add investment offering with built-in and proven rent comparable to achieve high CAP Rate once fully stabilized
  • High barriers to entry submarket with very limited inventory and high demand for apartments for sale; High rent growth and low vacancy rate area
  • Walking distance to Mission Downtown District, and minutes away to Old Town Pasadena, Huntington Hospital, and FWY 210
  • Excellent access to FWY 110 for access other areas of Los Angeles

PROPERTY FEATURES

  • Semi-upgraded luxury apartment community with many amenities (15 out of 28-units have been upgraded)
  • Extensively renovated in the past 12 months; maximize income potential without spending extra capital
  • Superb unit mix where 93% are two-bedroom or larger units; Each unit is large and spacious
  • Abundant amenities with direct access to Fair Oaks Ave retail, fenced swimming pool, barbecue and sitting area, water-efficient landscaping, laundry room, ample parking, secured entrance with intercom, gated parking, double pane windows throughout, etc.
  • Most units have been completely upgraded with laminate wood flooring, laundry hookups, granite/quartz kitchen countertops, new kitchen cabinetry, stainless steel appliances, tiled bathroom, mirrored closet doors, central heating, windows a/c, recessed lighting, new bathroom vanity set, glass bathtub door, and custom color paint
  • Recent capital improvements: completely refurbished landscaping with water efficient plants, new exterior painting and artistic wall mural, completely redone barbeque area and sundeck, new controlled entry and intercom system, renovated swimming pool, new exterior lighting, and much more!
  • Each unit is separately metered for electricity and gas, 10-units have private patio, 6-units have laundry hookups

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer Amberwood Terrace, a pride-of-ownership 28-unit, NON-rent-controlled apartment community in the highly desirable area of the City of South Pasadena, California. This offering presents a rare opportunity for an investor to acquire a very well-located apartment community in one of the most sought after sub-market in the West San Gabriel Valley. This offering provides an exceptional opportunity for investors to acquire a semi-stabilized asset in a prime location without any deferred maintenance where they can maximize return by increasing rent/cash-flow over time.

One of the unique feature of this property is a direct access to Fair Oaks Ave retail corridor through its parking area. Because of this, tenants enjoy superb access to retail stores along Fair Oaks Ave and Mission Street Downtown District. The property has a HIGH WALK SCORE of 88 (VERY WALKABLE). It enjoys an excellent access to all amenities the City of South Pasadena has to offer and has a superb demographics with an average household income of ±$136,000 within a mile radius. The property is also located within South Pasadena school district which considered as one of the best in the State of California.

The property is a three story above parking, garden style apartment that was built in 1956 and has undergone extensive renovation in the past 12 months. It has a total of ±27,002 SF building area and situated on a large 29,892 SF lot. It consists of two buildings connected by a walkway. Amenities include fenced swimming pool, water-efficient landscaping, barbeque and sitting area, secured entrance, gated parking area, intercom system, double pane windows throughout, and much more.

It offers an excellent unit mix where ±93% are 2-bedroom or larger units. It consists of two (2) x 3-bed + 2-bath, two (2) x 2-bed + 2-bath, twenty (20) x 2-bed + 1-bath, and two (2) x 1-bed + 1-bath units. Each unit is large and bright with an attractive layout. The 3-bedroom unit has an estimated size of ±1,600 SF, 2-bedroom units have an estimated size of ±900 SF - ±1,100 SF, and the 1-bedroom units have an estimated size of ±750 SF - ±850 SF.

Approximately 15 out of 28 units have been upgraded with luxury upgrades which includes laminate wood flooring, upgraded kitchen with quartz/granite countertops and new kitchen cabinets, stainless steel appliances, completely redone bathroom with new vanity, new A/C units, ceiling fans, mirrored closet doors, and double pane windows throughout.  In addition to laundry hookups and private patio in some units, the property has a shared laundry room, and separately metered for electricity and gas. It has 28-parking spaces that are provided by tuck-under parking on ground level. On-street parking is available through the City of South Pasadena’s annual parking permit.


LOCATION AMENITIES & ACCESS
The property is strategically situated on Amberwood Drive with back of the property facing Fair Oaks Ave retail district. Tenants enjoy direct access from the back driveway to retail stores along Fair Oaks Ave. It is also within walking distance to the Mission Street Downtown District, restaurants, shopping, city hall and all amenities the City of South Pasadena has to offer. It is a block away from FWY 110 entrance on Fair Oaks Ave, and located within minutes from South Pasadena Metro Link Rail Station, Old Town Pasadena, Huntington Hospital, FWY 210, and other amenities in San Gabriel Valley area.

 



Marketing Files


Due Diligence


Broker Contact

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

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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