Exclusive Listings

13-unit Turnkey near Old Town Pasadena, High CAP Rate

Address:
303 N Oakland Ave
Pasadena, CA 91101
Price:
$6,600,000
Status:
Taking Backups
Type:
Apartment
# Units:
13
Year Built:
1958
Building Size:
9,658SF
Lot Size:
10,933SF
CAP Rate:
4.57%
GRM:
15.91xx
Price/Unit:
$508,000
Price/SqFt:

The Growth Investment Group is proud to offer 303 N Oakland Ave, a turnkey, fully upgraded, and 100% occupied 13 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. The properties offer an investor the rare opportunity to own a high cash flowing apartment property in one of the most desirable locations in Pasadena. The property offers 100% occupancy on a master lease until June 2022. This higher cap rate for the area, combined with low interest rates offer investor over 7% cash on cash return with proper financing. This property offers higher allowable annual rent increases under California AB1482 (5% + CPI).

The property, which has been completely renovated, was built in 1958. It is a two-story garden style apartment with an excellent curb appeal. It offers an excellent unit mix of six (6) large 2-bedroom+1-bathroom, and seven (7) 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. It has 13 parking spaces and in the back. The soft-story parking area has been seismically retrofitted. Several 2nd floor units have private patio with views of San Gabriel Mountains.

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.

Given its excellent real estate fundamentals, complete renovation, full seismic retrofitting, and an unbeatable location, the 251 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.



INVESTMENT HIGHLIGHTS

  • 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 303 N Oakland)
  • In-place tenants with full occupancy in a Class A location in San Gabriel Valley submarket
  • Inflation and recession proof investment with full occupancy secured by a strong tenant.
  • Highest allowable annual rent increases by CA AB1482 (5% + CPI)
  • 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
  • Amenities: gated parking, secured entrance, electronic RFI unit locks, covered parking, upgraded unit
  • Separately metered for electricity and gas

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
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