Exclusive Listings

4-unit Upgraded apartment near Rose Bowl Stadium

Address:
343 W Howard St
Pasadena, CA 91103
Price:
$1,760,000
Status:
In-Contract
Type:
Apartment
# Units:
4
Year Built:
1964
Building Size:
3,408 SF
Lot Size:
8,802 SF
CAP Rate:
3.73%
GRM:
18.33x
Price/Unit:
$440,000
Price/SqFt:

INVESTMENT HIGHLIGHTS

  • Excellent location near Rose Bowl Stadium, Brookside Golf Course, and Kidspace Children’s Museum; Only minutes away from Old Town Pasadena, and FWY 210
  • NO LOCAL rent control; AB1482 rent increases (5% + CPI)
  • Upgraded units for easier maintenance and easy to rent, Excellent rental upside
  • Excellent demographics with ±$102,604 average household income in a 1-mile radius
  • Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110

PROPERTY HIGHLIGHTS

  • Highly desirable single story apartment building
  • Excellent unit mix with ALL are 2bedroom units
  • Quiet community with an excellent curb appeal and a well-manicured landscaping
  • Many capital improvements have been completed: Dual pane windows, 4 units upgraded with in-unit laundry machines, new exterior paint, copper plumbing in units, lined sewer pipe (from building to city)
  • All 4 units have been upgraded: new flooring, new kitchen (shaker style cabinets) with quartz countertops and stainless-steel range, in-unit laundry machines, new tiled bathroom, new mirrored closet doors, and updated ceiling lights
  • Carport parking – no soft-story retrofit required
  • Each unit has Individual water heater, is separately metered for electricity and gas

EXECUTIVE SUMMARY

The Growth Investment Group as the exclusive listing agent is proud to offer 343 W Howard St, a single story 4-unit apartment in the highly desirable location in the City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire an attractive apartment community in one of most desirable sub-market throughout San Gabriel Valley. There is NO LOCAL rent control in Pasadena which allows maximum rent increase of 5% + CPI per AB1482.

The property has been updated and upgraded with many capital improvements completed recently. It has an excellent curb appeal with well-manicured landscaping in the front. It was built in 1964 and has ±3,408sf building size on a ±8,802sf lot. It offers an excellent unit mix of ALL 2-bedroom units with each unit has around ±850sf in size. All four units have been completely upgraded with attention to detail. Each unit has new flooring throughout, new kitchen with shakers cabinets, quartz countertops and stainless-steel kitchen appliances, new tiled bathroom with new vanities, in-unit laundry machines (seller own machines), and updated ceiling light.

Each unit has individual water heater and separately metered for electricity and gas. Parking is provided by a detached carport in the back (total there are 5 spaces – 1 space can be rented out); this property DOES NOT require any soft-story parking retrofit.  Some of the capital improvements completed are new exterior paint, new double pane windows, all units upgraded, copper pipe in each unit, and re-lined sewer pipe from building to city connection (buyer to verify).

The property is located just less than a mile from Brookside Golf Course and ±1.3miles from the world renown Rose Bowl Stadium. It is also minutes from Old Town Pasadena, Lake Ave District, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has a good demographics of $102,604 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.



Marketing Files


Due Diligence


Broker Contact

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

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Office:
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Phone: 626.594.4901
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