Exclusive Listings

20-U Value-Add in Old Town Pasadena, Proforma CAP 4.42%, Assumable 3.68% Loan

Address:
164-180 S. Orange Grove Blvd
Pasadena, CA 91105
Price:
$12,380,000
Status:
Taking Backups
Type:
Apartment
# Units:
20
Year Built:
1949
Building Size:
30,453 SF
Lot Size:
61,041 SF
CAP Rate:
3.63%
GRM:
18.63x
Price/Unit:
$619,000
Price/SqFt:
$407

INVESTMENT HIGHLIGHTS

  • Irreplaceable location in best part of Pasadena; Walking distance to ALL amenities the City of Pasadena has to offer!
  • Prime value-add opportunity with rental upside
  • Assumable Loan at 3.68% interest rate fixed until Dec 2021 (30-year term starting from Dec 2014)!
  • Current rents are significantly below market; Proforma CAP Rate is 4.44%!
  • Excellent location within the Bellefontaine neighborhood in Pasadena; Nearby amenities within walking distance:
    • Ambassador Garden and Auditorium, Ambassador Mansion
    • Norton Simon Museum
    • Tournament of Rose House and Wrigley Gardens
    • Old Town Pasadena
    • Gamble House
    • Rose Bowl
    • Pasadena City Hall, Pasadena Public Library, Pasadena Courthouse
    • Shopping & Lifestyle: Paseo Colorado, Apple store, 24-hour Fitness, Target, Vroman Bookstore, Urth Café, etc.
    • Arts & Museums: USC Pacific Asia Museum, Pasadena Museum of California Art, Pasadena Playhouse
    • Pasadena Convention Center, Pasadena Ice Skating Rink
  • Excellent demographics with ±$149,000 average household income within a 1-mile radius!
  • Highly desirable area South of 210 FWY with EXTREMELY LIMITED INVENTORY
  • Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
  • Most desirable location in the strongest submarkets in the San Gabriel Valley; High rent growth and low vacancy rate area
  • MULTI-GENERATIONAL property, perfect for a 1031 exchange buyer

PROPERTY HIGHLIGHTS

  • Truly Class A Location in the most desirable and strongest rental market in San Gabriel Valley
  • Five (5) buildings situated on a large lot of over 61,000 SQFT
  • Excellent unit mix with good distribution of 3, 2 and 1-bedroom units
  • Very large units with open floor-plans and complete with washer-dryer, central A/C and heating, fireplace, beautiful hardwood flooring, and much more
  • Worlds Class Amenities for tenants: Ambassador Garden, Fowler Garden, and swimming pool at Villas and Terraces
  • Part of Ambassador Campus complex which consists of Ambassador Garden and Auditorium, Ambassador Mansion, Maranatha High School and Villas and Terraces at the Ambassador Garden. Tenant has access to Ambassador Garden and swimming pool at Villas and Terraces at Ambassador Garden without additional swimming pool maintenance cost to owner
  • Ample parking with 20 garages and 9 open spaces (12 if tandem)
  • Mills Act provides significant property tax benefit to property owner
  • Separately metered for electricity and gas with recent capital improvements


EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer Ambassador Campus Apartments, a 20-unit apartment investment opportunity located in the charming and gorgeous Ambassador West Campus which considered as the best location in Pasadena and San Gabriel Valley. The property is located along Orange Grove Boulevard a.k.a. “Millionaire’s Row” and situated adjacent to “Villas & Terraces at the Ambassador Gardens”, a new multi-million dollars luxury residential development (priced from the $2millions and above). It is part of Ambassador Campus complex which consists of Ambassador Garden and Auditorium, Ambassador Mansion, Maranatha High School, and Villas and Terraces at the Ambassador Gardens.

The storied address just off Millionaires Mansion Row offers unparalleled lifestyle advantages where residents are literally within walking distance to the Norton Simon Museum of Art, and mere blocks from Old Town Pasadena’s/Colorado Boulevard’s trendy shops, fine dining and array of exciting entertainment venues. Just next door, Ambassador Garden provides a serene garden with an open-air museum ambiance right in the heart of San Gabriel Valley. This location in Bellefointaine neighborhood of Pasadena provides a rare opportunity for investor to own an excellent asset in a truly irreplaceable and considered as one of the most desirable location in San Gabriel Valley submarket. 

Ambassador Campus Apartments is a 20-unit garden style apartment community that was built in 1949, has a total building size of ±30,453 SQFT and situated on an oversized ±61,041 SQFT lot. It offers very well-maintained and planned landscaping that provides superb curb appeal for tenants. The property is zoned WGSP-1B - West Gateway Specific Plan. It has historic designation that provides owner a significant property tax-savings benefit via Mills Act. Current income is significantly below market and an astute investor should be able to increase rents immediately to achieve a high 4.44% proforma CAP Rate.

The property consists of five (5) x 4-unit buildings. It offers excellent unit mix of one (1) x 3bed+3bath, nine (9) x 2bed+2bath, four (4) x 2bed+1bath, one (1) x 1bed+2bath+den, two (2) x 1bed+1.5bath+den, and three (3) x 1bed+1bath. Each unit is large with average unit size of ±1,522 SQFT, has open floor-plan and complete with original hardwood flooring, fireplace, recently installed/new central a/c and heating, and in-unit washer-dryer. Each unit is separately metered for electricity and gas. There are 29 parking spaces that consist of 20 parking garages in the back and 9 open spaces on its sides (could be 12 spaces if tandem). The 6 open parking spaces on south side of the lot is shared between neighboring office (original owner/developer has the right to use to those spaces during day time). 

LOCATION AMENITIES AND ACCESS

The property is in Bellefontaine neighborhood which is considered as one the best location of Pasadena. It is part of Ambassador Campus complex which consists of Ambassador Garden and Auditorium, Ambassador Mansion, Maranatha High School and Villas and Terraces at the Ambassador Garden. Tenant has access to Ambassador Garden and swimming pool at Villas and Terraces at Ambassador Garden. It is steps away from Norton Simon Museum, the historic Tournament of Roses house, and Old Town Pasadena (charming storefronts house 200 shops plus a wide array of restaurants and night spots).

The area has excellent demographics of ±$149,000 average household income within a 1-mile radius! The property is surrounded by large stately mansions, luxury townhomes and condominiums. The property has superb access to FWY 210, FWY 134, FWY 110 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.


Due Diligence


Broker Contact

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

Thank you for your time and interest. The information you are attempting to access requires a one-time registration before you can proceed. Your email address will allow you to log in any time.
Please log in or begin registration by providing your email address.


Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
Copyright © 2018 GIG Real Estate, Inc. dba. Growth Investment Group - Corp. ID 02021933
Visit us on social media websites