INVESTMENT & LOCATION HIGHLIGHTS
- Walk Score 91!
- Walking distance to Playhouse District, South Lake Ave District, Old Town Pasadena, California Institute of Technology and Pasadena City College
- Very low vacancy history with waiting list; Rental income is below market
- Highly desirable area South of 210 FWY; Desirable area on Wilson Ave, quiet tree-lined street within great residential area
- Strong demographics with ±$107,800 average household income within a 2-mile radius
- Excellent access to 210, 134, and 110 freeways
- Easy access to Downtown Los Angeles through 110 Freeway
PROPERTY HIGHLIGHTS
- Newer construction built in 1987 - very well-maintained building with an excellent curb appeal
- Excellent unit mix - Almost all are 2-bedroom and 2-bathroom, large units
- Separately metered for electricity and gas, secured entrance and parking, intercom system, security cameras, copper plumbing,
- Large Lot Size (High Density RM48 zoning)
- Ample parking - 43 parking spaces total
- Central A/C & heater, Individual water heater in each unit, in-unit washer/dryer
- Cable ready, walk-in closets, gas range, and garbage disposal
- Turn-key property with additional rental upside
- In-place RUBS program and private storage area that generates additional income
EXECUTIVE SUMMARY
Growth Investment Group is proud to offer Monarch Terrace, a 20-unit luxury apartment community in one of the best locations in the City of Pasadena, California. This offering presents a rare opportunity for investor to acquire a well located, newer built, mostly upgraded luxury apartment community in one of the strongest sub-market in the West San Gabriel Valley. The property has very low vacancy history with waiting list due to its lower rents compared to other rental units in the area. This provides significant upside potential for new owner to bring rents closer to market.
The property is a newer construction that was built in 1987 and situated on a large ±19,898 SF lot (zoned High Density RM48). It has a total ±18,375 SF building size and boasts an excellent unit mix of nineteen (19) 2-bedroom and 2-bathroom units and one (1) 1-bedroom and 1-bathroom unit. Every unit has at a private patio or balcony (five units have two private patios/balconies). Many ground floor units have large private patios. The end 4 units are in two separate buildings and do not share any common wall with other unit. Each unit has central A/C and heating, individual water heater, in-unit washer dryer, bright and spacious layout (some units have open concept layout), private patio/balcony, hardwood vinyl flooring, and other amenities.
The property is separately metered for electricity and gas and has an additional private storage area for rent. It offers ample parking via a gated and secured subterranean parking area that provides 43 parking spaces. The property has secured entrance, intercom system and security cameras installed. It has undergone major capital improvements in the past 10 years. Some of the recent capital improvements are new draught tolerant landscaping, new for rent storage area, exterior paint, new lightings, new signage, etc.
LOCATION AMENITIES & ACCESS
The property occupies the highly desirable location south of 210 Freeway in the City of Pasadena. It is within walking distance to Old Town Pasadena, Pasadena Playhouse District, South Lake Ave District, California Institute of Technology and Pasadena City College. It offers convenient access to many amenities the City of Pasadena has to offer. The property offers excellent access to downtown Los Angeles via 110 Freeway