Exclusive Listings

22-unit Turn-key, Fully Upgraded 100% occupied Luxury apartment in a Class A location in Pasadena

Address:
285 N Oakland Ave
Pasadena, CA 91101
Price:
$10,560,000
Status:
Available
Type:
Apartment
# Units:
22
Year Built:
1960
Building Size:
18,216 SF
Lot Size:
22,006 SF
CAP Rate:
3.80%
GRM:
18.60x
Price/Unit:
$480,000
Price/SqFt:
n/a

INVESTMENT HIGHLIGHTS

  • NON-rent-controlled, Turn-key and fully upgraded apartment properties in Class A location (walk score 87, walking distance to Old Town Pasadena)
  • Top-down renovation have been completed in 2018!  The first properties to be voluntarily upgraded in the City of Pasadena.
  • Over ±$6 million (hard- and soft-cost) upgrades spent on the portfolio (including 251 N Oakland)
  • In-place tenants with full occupancy in a Class A location in San Gabriel Valley submarket
  • Recession proof investment with full occupancy for the next 3 years secured by a strong tenant (with up to 5% built-in contractual annual rent increases)
  • Superb amenities within walking distance:
    • Shopping & Lifestyle: Paseo Colorado, Old Town Pasadena, Apple store, 24-hour Fitness, Target, Vroman Bookstore, Urth Café, etc.
    • Arts & Museums: USC Pacific Asia Museum, Pasadena Museum of California Art, Pasadena Playhouse, Norton Simon Museum
    • Downtown Pasadena: Pasadena City Hall, Pasadena Public Library, Pasadena Courthouse
    • The Westin Pasadena, Pasadena Convention Center, Pasadena Ice Skating Rink
  • Strong demographics with ±$109,756 average household income within a 1-mile radius
  • Highly desirable area, south of 210 Freeway
  • Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
  • Attractive garden style apartments with excellent curb appeal
  • Some units have high ceiling and private balcony
  • Amenities: gated parking, secured entrance, electronic RFI unit locks, covered parking, upgraded unit
  • Separately metered for electricity and gas

LIST OF CAPITAL IMPROVEMENTS

  • New electrical finishes and subpanels
  • New plumbing throughout
  • Soft story retrofit completed
  • New drain lines
  • New drought tolerant landscaping on efficient buried soak system set to timers
  • New asphalt driveway surface
  • New exterior façade, siding and paint
  • New secured entrance and intercom system
  • New signage
  • Newly painted and upgraded steel guard rails
  • New stainless-steel appliances in all units
  • New planters in the common area
  • New security system and cameras in common area
  • New exterior furniture, tables and shade in common area
  • New seismic gas shutoff valves
  • Designated and secure bike parking and storage area  

UNIT AMENITIES

  • New double pane windows throughout
  • New high efficiency mini-split A/C system in each unit
  • New in-unit washer/dryer combo
  • Private patio/balcony in several units
  • New luxury vinyl hardwood flooring
  • New interior paint
  • New lighting fixtures and ceiling fans
  • New mirrors and built-in medicine cabinets
  • New matching appliances including built-in microwave
  • New kitchen granite/quartz counters
  • New bathroom and vanity cabinet
  • New electronic RFI entry door and lock with mechanical backup system
  • Stainless steel appliances in all units
  • Separately metered for electric and gas


EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer 285 N Oakland Ave, a turn-key, fully upgraded, and 100% occupied 22 units luxury apartment in the City of Pasadena. This property is part of THE ARROYO COLLECTION, a five-property portfolio totaling 80-unit non-rent-controlled apartment investment opportunity in the City of Pasadena, CA. The portfolio is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. The property offers an investor the rare opportunity to own an excellent portfolio of real estate in one of the most coveted submarkets in the San Gabriel Valley.

The property, which has been completely renovated, was built in 1960. It is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of five (5) large 2-bedroom+2-bathroom, three (3) large 2-bedroom+1.5-bathroom, and fourteen (14) 1-bedroom+1-bathroom units. It is separately metered for gas and electric, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. Several 2nd floor units have high-ceiling, and private patios. It has 20 parking spaces and in the back. The soft-story parking area has been seismically retrofitted.

All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.

A new owner is presented with the security of in-place master leases for all five (5) properties, with four (4) properties (#251, 265, 275, 303) leased to Providence Christian College, a private Christian liberal arts college, and one (1) property (#285) leased to Fuller Theological Seminary.

Given its excellent real estate fundamentals, which include desirable non rent-controlled status, complete renovation, full seismic retrofitting, and an unbeatable location, the 285 N Oakland Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation.

LOCATION AMENITIES AND ACCESS

The property is in the highly desirable downtown area of Pasadena – more specifically, in the renowned Pasadena Playhouse district situated south of the 210 Freeway. Boasting a Walk Score of 87 in the most walkable zip code in all of Pasadena, the Arroyo Collection is conveniently located just a few blocks from Old Town Pasadena, the Paseo Colorado, and the Pasadena Playhouse. The properties are also a quick walk from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue.  Near Pasadena’s historic City Hall, the Arroyo Collection sits just minutes from Huntington Hospital, the California Institute of Technology, Pasadena Community College, and the 210 and 110 Freeways, offering ease of access to neighboring cities and entertainment destinations in the region.

Less than a mile away, historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center and Pacific Asia Museum are within walking distance. In addition, the California Technical Institute, the historic Tournament of Roses house, and the Norton Simon Museum are all less than two miles away. 

The property has superb access to FWY 210 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

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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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