Investment Highlights
- First time being offered for sale since 1985!
- Prime value-add opportunity in a Class A location in the San Gabriel Valley submarket
- Superb location south of Colorado Blvd on Los Robles Ave, walking distance to Old Town Pasadena, The Paseo, Pasadena Playhouse
- SUPERB demographics with ±$120,000 average household income in a mile radius
- Estimated around 39% rental upside; Proforma CAP Rate 5.35%
- South of 210FWY and south of Colorado Blvd location!
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
- Very low vacancy area with strong demand for rental units!
Property Highlights
- Very attractive mid-century apartments with excellent curb appeal
- Superb unit mix with good distribution of 2bedroom, 1bedroom and Studio units; Large units!
- Amenities: ample parking, secured entrance, central A/C in each unit, individual water heater, laundry area (seller own machines)
- Separately metered for electricity and gas
- 23 units have large private patio/balcony
- Overparked building with total of 39 spaces for 24 units!
- Plumbing has been upgraded to copper piping between 2016-2017, elevator, some HVAC compressors were recently replaced (less than 5 years old)
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer THE WINSTON, a 24-unit beautiful apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a very well maintained and located apartment community with significant upside potential. The property has been with the same ownership for since 1985 and this is the first time it has ever been offered for sale.
The property is a mid-century three-story building that was built in 1966 with ±26,631 SF building size and situated on a ±24,953 SF lot size with. It consists of 24 large units with a diverse unit mix of seven (7) 2bed+2bath, one (1) 1bed+2bath, four (4) 1bed+1.5bath, eight (8) 1bed+1bath, and four (4) studio units. Each unit is large with functional layout and offers many amenities such as central A/C and heating, and each unit (except 1 studio unit) have private balcony/patio.
The property is separately metered for electricity and gas. Between 2016-2017 ownership spent ±$200,000 to upgrade the plumbing to copper pipe. It has a total of 39 parking spaces (some are tandem spaces – total required is 31 spaces) with storage spaces. It offers good amenities such as secured entrance, intercom system, elevator, skylights in hallway, and shared laundry room.
The rental income is significantly below market which provides a significant upside potential for new owner to add value by upgrading any future vacant units and bring the rent to market.
LOCATION AMENITIES AND ACCESS
The property is in a quiet residential area of Pasadena, south of Colorado Blvd and south of 210 freeway. This area is considered as one of the most desirable location in Pasadena! It is within walking distance to Old Town Pasadena, Playhouse District, The Paseo, Hilton Hotel, and most of the main attractions in Pasadena. It has a high walk score and just within 10 minutes from Metro Gold Line Station.
It offers convenient access to the best amenities the City of Pasadena has to offer. The property has superb access to FWY 210 and 110 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.