Exclusive Listings

4-unit in South Pasadena next to Downtown South Pasadena

Address:
1115 Hope St
South Pasadena, CA 91030
Price:
$2,400,000
Status:
Available
Type:
Apartment
# Units:
4
Year Built:
1921
Building Size:
3,596 SF
Lot Size:
7,504 SF
CAP Rate:
2.59
GRM:
23.84x
Price/Unit:
$600,000
Price/SqFt:

INVESTMENT HIGHLIGHTS

  • SUPERB LOCATION NEXT to South Pasadena Mission St Downtown district, walk to dining, shopping, coffee shops, City Hall, library, Farmer’s Market, Metro Gold Line station, etc.
  • Average household income of ±$139,907 within a mile radius
  • Walk score of 93!              
  • Rental income is significantly below market
  • South Pasadena School District – Considered as one of the best public-school system in the State of California
  • Minutes away to FWY 110, Old Town Pasadena, Huntington Hospital, and FWY 210
  • High barriers to entry submarket with extremely limited inventory and high demand for apartments for sale; High rent growth and low vacancy rate area
  • Can be purchased with an exceptionally low interest rates (possibly below 3.5% with 30-year fixed – buyer to verify)
  • Significant rental upside potential: under AB1482 only which allows maximum rent increase per year

PROPERTY FEATURES

  • Beautiful and large 4-unit with an excellent curb appeal in the heart of South Pasadena!
  • Back unit is a house with private yard and attached garage
  • Large and bright units with good layout
  • 2 units have recently replaced water heater, 1 unit has been completely upgraded
  • Each unit is separately metered for electricity and gas, detached car garage space
  • Ample parking with total of 6 spaces (2 are tandem)
  • Many recent capital improvements completed

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer 1115 Hope Street, a unique and beautiful 4-unit apartment community in the highly desirable area of the City of South Pasadena, California. This offering presents a rare opportunity for an investor/owner-user to acquire a very well-located small apartment community in one of the most sought-after location in South Pasadena and west San Gabriel Valley. The management and maintenance of this property is minimum, and the superb location provides an easy to rent unit for any future vacancy.

The property is just behind South Pasadena Mission Downtown District and offers superb amenities to residents such as schools, groceries, shopping, dining, entertainments, gold line station and nearby City Hall and library. This superb location resulted in extremely high walk score of 93 for this property. It is within the award-winning South Pasadena school district which considered as one of the best in the State of California. It has an easy access to Fair Oaks Ave retail corridor and Mission Street Downtown District. It enjoys an excellent access to all amenities the City of South Pasadena has to offer and has a superb demographics with an average household income of ±$139,907 within a mile radius.

The property consists of two buildings. The main house in the back was built in 1921, and the front building consists of 3 units. It has a total of ±3,596 SF building area and situated on a ±7,504 SF lot. It offers an excellent unit mix of 1 x 2bedroom+1bathroom house, 1 x 2bed+1bath, and 2 x 1bed+DEN+1bath units. The back house comes with private yard and an attached 2 car garage. The other units in front building are bright with many windows and has excellent layouts.  The property has undergone major and important upgrades recently, such as foundation earthquake retrofit, new exterior paint, new landscaping, new tankless water heaters for the front building, and unit upgrades.

The upgraded unit has new wood flooring, new interior paint, new led lighting fixtures, new kitchen cabinets, new quartz kitchen countertops and stainless-steel appliances (stove and refrigerator).  Each unit has windows A/C, wall heater and ceiling fans in the living room and offers plenty of linen cabinets and closet spaces! The 1bed unit has formal dining room that could be utilized as 2nd bed. There is a den that could be utilized as a home office. Each unit has windows all around which provides ample natural light!

The property is separately metered for electricity and gas. Parking is provided by a 2 garage next to the back house and additional 2 open space plus 2 tandem space in front of the garage for a total of 6 parking spaces.

 

LOCATION AMENITIES & ACCESS

The property is situated behind Mission St Downtown District and just walking distance to almost all amenities South Pasadena has to offer. Walk to Mike & Anne’s, Jones Coffee (previously Buster’s Coffee), Nicole’s Market & Café, Fremont Center Theatre, So Pas Farmer’s Market (every Thursday on Meridian Ave) or just visit the City Hall because it is so close! This property has a Walk Score of 93 and within South Pasadena School District! Tenants can easily access Pasadena from Orange Grove Blvd or Fair Oaks Ave, and commute to downtown Los Angeles is easy through FWY 110 nearby!

It has superb access to Fair Oaks Ave which gives an easy access to Old Town Pasadena and Huntington Hospital. It is several blocks away from FWY 110 entrance on Fair Oaks Ave and located within minutes from South Pasadena Metro Link Rail Station, FWY 210, and other amenities in San Gabriel Valley area.




Due Diligence


Broker Contact

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


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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