Exclusive Listings

9-units Fully Upgraded Single-Story Bungalow Style near Old Town Pasadena

Address:
827-835 E Washington Blvd.
Pasadena, CA 91104
Price:
$2,899,000
Status:
Available
Type:
Apartment
# Units:
9
Year Built:
1941
Building Size:
4,410 SF
Lot Size:
16,401 SF
CAP Rate:
4.28%
GRM:
14.71x
Price/Unit:
$322,000
Price/SqFt:
$657

INVESTMENT HIGHLIGHTS:

  • Upgraded single-story bungalow style apartments in north Pasadena
  • Turn-key property that is perfect for a 1031 exchange buyer; High CAP Rate for the area
  • Within a gentrifying area with many new developments nearby
  • Nearby Lake Ave that has abundant shopping and retail stores, and within minutes to Old Town Pasadena and Pasadena Playhouse District
  • Across the street from a national grocery store and within walking distance to park, library, school, and public transportation
  • Good demographics of ±$115,372 average household income within a 3-mile radius
  • Excellent access to FWY 210 and FWY 134

PROPERTY HIGHLIGHTS:

  • Charming bungalow style units complete with private yard and white fencing
  • Extensively upgraded property (exterior and interior)
  • Each unit has been upgraded with modern and clean-look upgrades
  • All bungalow units in the back are separately metered for electricity and gas with individual water heater; Most units have laundry hookups
  • Large lot size with private garage parking for most units and open-space parking

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to present 827-835 E Washington Blvd., a 9-unit upgraded multifamily located in the highly desirable city of Pasadena, California. The property has been extensively upgraded in the past 12 months and present an opportunity for a 1031 exchange buyer or an investor to acquire a turn-key apartment property in one of the strongest sub-market in San Gabriel Valley.

The property consists of ±4,410 sqft of living space that are spread out into 4 different buildings. It is situated on an oversized lot of ±16,401 sqft. Each building is a single-story bungalow style that consists of 2 units. The property was built in 1941 and have been heavily renovated. It offers an efficient unit mix of one (1) x 2bedroom+1bathroom, seven (7) x 1bedroom+1bathroom, and one (1) studio (non-conforming). Some of the exterior upgrades that were completed: new landscaping complete with new sprinkler system, new asphalt driveway, new fencing for each building, new dual pane windows throughout, new entry door for each unit, new exterior paint, new roof for each building, new garage door, new LED outdoor lighting for each unit.

Each unit is bright and has a private front-yard complete with new white fence. Each unit offers excellent layout and have been completely upgraded with modern upgrades such as vinyl luxury wood flooring, quartz kitchen countertops, new white shaker kitchen cabinets, stainless steel appliances, charming mosaic floor tile bathroom, tiled wall bathroom, modern crystal chandelier lighting in living room (some units), and stacked laundry machine (except in studio unit).

Each unit (except the front 3 units) is separately metered for electricity and gas. Parking is provided by a detached garage consisting 6 parking spaces and 3 open spaces in the middle part of the lot for a total of 9 spaces. On street parking are abundant on Washington Blvd with paid permit.

LOCATION, ACCESS AND AMENTITIES

The property is located on Washington Blvd and Lake Ave in north Pasadena (Washington Square neighborhood). The area has undergone major gentrifications in the past several years with many new developments completed. Lake Ave retail corridor is within walking distance from the property, providing superb amenities for tenants. It has a good demographics of ±$115,372 average household income within a 3-mile radius. The property is within minutes to South Lake Ave business district, Old Town Pasadena, and Pasadena Playhouse area. If offers easy access to FWY 210 and FWY 134.

Known as a gateway to the San Gabriel Valley area, Pasadena is a city in California, northeast of downtown Los Angeles. The city of Pasadena is world-renowned for hosting the annual Rose Bowl football game and Tournament of Roses Parade. In addition, Pasadena is also home to many scientific and cultural institutions, including Caltech, JPL, Pasadena City College, Fuller Theological Seminary, ArtCenter College of Design, the Pasadena Playhouse, the Ambassador Auditorium, the Norton Simon Museum, and the USC Pacific Asia Museum.

The strikingly modern Norton Simon Museum houses notable European and Asian art, plus a sculpture garden. The Rose Bowl is a sports stadium known for hosting the Rose Bowl Game, an annual college football clash usually held on January 1. The Rose Bowl Game is part of Pasadena’s famed Tournament of Roses, also featuring a New Year’s parade with floats, marching bands and equestrian shows. Built in the early 20th century, the Gamble House is known for its elegant wooden interiors. The Pasadena Museum of California Art showcases regional artworks. The Pasadena Playhouse stages acclaimed dramas and musicals. Renowned for its science and engineering programs, the California Institute of Technology (Caltech) is set in a verdant campus.




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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