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INVESTMENT HIGHLIGHTS
- Turnkey and fully upgraded apartment properties in Class A location near Huntington Hospital Pasadena and Old Town Pasadena
- Inflation and recession proof investment with easy to rent units and location
- Highest allowable annual rent increases by CA AB1482 (5% + CPI)
- SUPERB demographics with ±$138,540 average household income within a 1-mile radius
- 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
- South of 210 Freeway, South of Colorado Blvd, walk to Huntington Hospital and Old Town Pasadena
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Pride-of-ownership Turnkey apartment with an excellent curb appeal
- Good unit mix for young professionals that work in the medical field nearby or work in downtown Pasadena
- Excellent amenities: gated parking, secured entrance, electronic RFI unit locks, covered parking, swimming pool, shared courtyard area, fully upgraded unit
- Luxury upgrades in each unit complete with in-unit laundry, new kitchen, new bathroom
- Top-down renovation have been completed including exterior and interior upgrades
- Separately metered for electricity and gas, no soft story retrofit is required
- Swimming pool with art mural and pool seating area, extra storage room/old laundry room that can be further utilized
EXECUTIVE SUMMARY
Growth Investment Group is proud to offer 89 Hurlbut St, a turnkey, and fully upgraded 9 units luxury apartment in the City of Pasadena. The property is located just steps away from Huntington Hospital Pasadena on Fair Oaks Ave, and within walking distance to Old Town Pasadena. 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. This prime & irreplaceable location, turn-key condition, combined with higher cap rate (compared to other properties in this area) offer investors attractive investment vehicle to combat raging inflation. This property offers higher allowable annual rent increases under California AB1482 (5% + CPI).
The property has been completely renovated from top to bottom, and offers an attractive mix of one 2bedroom, and eight 1bedroom units. The community is gated and has secured entrance with community swimming pool and art mural in the pool area. The property was built in 1961 and situated on a large ±10,493sf R3 lot. All the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. The exterior upgrades include new entry gate, new parking gate, new exterior paint and signage, completely redone landscaping, updated electrical, and much more!
The ownership spent significant amount of time (±12 months) and capital in relocating the previous tenants and completely upgraded the exterior and interior of the property, making this a completely turnkey investment for new owner. The property is separately metered for electricity and gas. Parking is provided by 9 carports in the back – there is no soft-story parking required. Given its excellent real estate fundamentals, complete renovation, and an irreplaceable location, the 89 Hurlbut St 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 Madison Heights area of Pasadena (south of Old Town Pasadena). It is right off Fair Oaks Ave and just within walking distance to Huntington Hospital and Old Town Pasadena. The property is also within minutes from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue. Near Pasadena’s historic City Hall, it sits just minutes from 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. Historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center, Pacific Asia Museum, the historic Tournament of Roses house, and the Norton Simon Museum are minutes away. The property has superb access to FWY 110 and 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.