Exclusive Listings

25-unit Fully Upgraded (2017) in Pasadena, 4% Actual CAP, 5.11% Proforma CAP, Walk Score 87

Address:
296 N Oakland Ave
Pasadena, CA 91101
Price:
$9,400,000
Status:
Available
Type:
Apartment
# Units:
25
Year Built:
1957
Building Size:
14,824 SF
Lot Size:
20,303 SF
CAP Rate:
4.00%
GRM:
16.89x
Price/Unit:
$376,000
Price/SqFt:

INVESTMENT HIGHLIGHTS:

  • Excellent location within the Pasadena Playhouse District; HIGH WALKSCORE (87), a gentrified area with strong demand from younger demographics for apartment units
  • Completely upgraded non-rent-control apartment! A turn-key investment perfect as a replacement property for a 1031 exchange buyer
  • Current rents are estimated 19% below market! This area has a HIGH DEMAND for rental units!
  • Walking distance to Old Town Pasadena and South Lake Ave District
  • Highly desirable area South of 210 FWY with VERY LIMITED INVENTORY
  • Strong demographics with ±$121,000 average household income within a 3-mile radius
  • One of the strongest submarkets in San Gabriel Valley; High rent growth and low vacancy rate area
  • Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
  • High barriers to entry submarket with very limited inventory and high demand for apartments for sale

 

PROPERTY HIGHLIGHTS:

  • Fully upgraded apartment with new copper plumbing, new electrical in each unit (panel & wiring), new drought-tolerant landscaping, mahogany wood railings, new secured entrance, new security cameras, new double pane windows, new entry and interior doors, and much more!
  • Excellent unit mix to cater to younger demographics (young professionals, millennials and graduate students)
  • A gentrified area nearby new/under construction luxury apartment complexes and condominiums
  • Each unit has been fully upgraded with new flooring, new kitchen, new bathroom, recessed lighting, new mini split a/c system, double pane windows throughout, in-unit washer/dryer, ceiling fans in bedroom, mirrored closets, storage cabinets and much more!
  • Extremely well-maintained property with excellent curb-appeal
  • Community amenities: secured entrance, gated parking, directory, intercom, covered parking, walking distance to Old Pasadena, High Walkscore (87)


EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer OAKLAND APARTMENTS – 296 N Oakland Ave, a 25-unit fully upgraded 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. This FULLY UPGRADED investment opportunity offers investors a turn-key, easy to manage and safe real estate investment in the best area of Pasadena.

 

It is a two-story garden style apartment community with a beautifully manicured center courtyard complete with new drought-tolerant landscaping. It was built in 1957 and has been completely renovated in 2017/2018. It has a total of ±14,824 sqft living space and is situated on a ±20,303 sqft R3 lot. It offers an excellent curb appeal complete with secured entrance and intercom system. The property has been extensively upgraded in the past 12 months. It has new copper plumbing, new electrical in each unit (wiring and panel), new exterior paint, new drought-tolerant landscaping, new entrance gate with mahogany wood sidings, new railings, new security cameras, new parking gate opener, newly resurfaced driveway, and so much more. Each unit separately metered for electricity and gas.

 

The property offers an excellent unit mix for the area that caters to younger demographics. Due to its proximity to major attractions in Pasadena, this property has a high demand from the rental market. It has one (1) 2bed+2bath unit, two (2) 2bed+1-1/2bath units, twenty (20) 1bed+1bath units, and two (2) studio units. Each unit has been completely upgraded with new wood-like luxury flooring, smooth ceiling complete with recessed lighting, mini split a/c system, double-pane windows throughout, new entry and interior doors, new kitchen complete with new cabinets, quartz countertops, stainless steel sinks, stainless steel appliances, in-unit laundry machine (washer-dryer or stack-up), new tiled bathroom with bathroom vanity cabinets, ceiling fans in bedroom with mirrored closet doors, and so much more!

 

There are 25 parking spaces provided by carport and tuck-under spaces on the side and back of the property. Each parking space has large storage cabinets for convenience.

 

 

LOCATION AMENITIES AND ACCESS

The property occupies the highly desirable location south of 210 Freeway in the City of Pasadena. It is within the Pasadena Playhouse District and within a walking distance to Old Town Pasadena, and South Lake Ave District. It offers convenient access to almost all amenities the City of Pasadena has to offer. The property has excellent access to downtown Los Angeles via 110 Freeway

 

Known as the gateway to San Gabriel Valley area, Pasadena is a city in California, northeast of downtown Los Angeles. In the center, Old Pasadena is a shopping and dining district known for its Victorian and art deco buildings. 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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