Exclusive Listings

6 single story Bungalow style units, All large 2bed units, Excellent upside, Longtime owner!

Address:
638 N Mar Vista Ave
Pasadena, CA 91106
Price:
$2,400,000
Status:
Available
Type:
Apartment
# Units:
6
Year Built:
1927
Building Size:
5,230SF
Lot Size:
16,466SF
CAP Rate:
3.37%
GRM:
19.32x
Price/Unit:
$400,000
Price/SqFt:
$459

INVESTMENT HIGHLIGHTS

  • Longtime owner for more than a decade!
  • Adjacent to Bungalow Heaven district!
  • Significant rental upside potential (±28% estimated); Highest rent increase under AB1482 (5%+CPI)
  • Prime value-add apartment deal only minutes away from Old Town Pasadena, Rose Bowl, and FWY 210
  • Excellent demographics with ±$103,130 average household income in a-mile radius
  • Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
  • All tenants (except 1) are long-time tenants with month-to-month lease; Many tenants are due for rent increases

PROPERTY HIGHLIGHTS

  • SIX Single Story bungalow style units (ALL 2bed units)
  • Pride of ownership property on a large R3 lot (±16,466 SF), beautifully landscaped, with rental upside
  • Excellent unit mix with ALL are 2bedroom units
  • Large and charming units with extensive crown molding, original hardwood floor, laundry hookups/machines in each unit (5 units come with laundry machines), tiled bathroom and kitchen, windows A/C and ceiling fans, and an individual water heater
  • Plumbing was upgraded to copper piping; electricals were updated and recently painted exterior
  • Garage parking for each unit; ZERO soft story retrofit required
  • Easy to rent with very low vacancy history

EXECUTIVE SUMMARY

Growth Investment Group is proud to exclusively offer 638 N Mar Vista Ave., a 6-unit single story Bungalow style apartment investment opportunity located in the City of Pasadena, CA. The property is unique due to its beautiful single story bungalow style layout and its excellent location just a block from “Bungalow Heaven” area. It offers ALL large 2Bedroom+1bathroom units. It is conveniently located within a mile from Old Town Pasadena, and just several blocks away from Lake Avenue and Pasadena City College. The property has been in the same ownership for more than a decade!

The 6 units are spread out in five single story bungalows with attractive landscaping. It has a total of ±5,230SF living space on a large ±16,466 square foot lot. It offers an excellent unit mix of ALL 2bedroom+1bathroom – each unit is averaging ±870SF in size. Each unit has an excellent layout with living room, separate dining room, original hardwood floors, custom paint colors, extensive crown moldings, wall panels, windows A/C, tiled kitchen flooring and tiled bathroom, and ceiling fans in bedrooms. Each unit has washer/dryer hookups (laundry machines were provided for some units).

Each unit is separately metered for gas and electric and the property has copper plumbing and updated electrical wiring (completed more than a decade ago). The exterior was recently painted. Parking is provided by 2 detached car garages in the back – each unit gets 1 garage parking space; zero soft story retrofit required. All tenants except 1 in this community are long time tenants that are on month to month and are due for rent increases (AB1482 – 5%+CPI). Additional significant rental upside can be realized when units turn in the future.

The property is located just a block away from Lake Ave and within walking distance to myriad of shopping and other amenities on Lake Ave and Colorado Blvd. It is within minutes from Old Town Pasadena, Rose Bowl, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographics of $103,130 average household income within a 1-mile radius. 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. It is minutes away from FWY 110 that connect to Downtown Los Angeles.

 




Due Diligence


Broker Contact

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

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999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
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