INVESTMENT HIGHLIGHTS
- EXCEPTIONAL LOCATION: right off Mission Street Downtown District; walking distance to almost ALL amenities in the City of South Pasadena (shopping & dining, cafés, Metro Gold Line Station, City Hall, schools, South Pasadena Farmers Market, etc.)
- First time for sale for more than 30 years
- SUPERB demographics: Average household income ±$140,474 within a mile radius
- South Pasadena School District; NO LOCAL Rent Control (AB1482 Statewide)
- Good rental upside potential, and No On-site manager is required
- South Pasadena Downtown District, Minutes away from Old Town Pasadena and Rose Bowl
- HIGH walk score of 89 out of 100 (“Very Walkable”)
- Excellent access to downtown Los Angeles via 110 Freeway
PROPERTY HIGHLIGHTS
- Pride-of-Ownership, very well-maintained property with an excellent curb appeal
- Excellent unit mix with large 2-bedroom and 1-bedroom units
- Central A/C and heating in each unit, individual water heater and sizeable private patio(s)
- Many recent capital improvements: new roof, copper plumbing, 4 new central A/C system, 8 units have been renovated and upgraded with dishwashers
- Large and bright units with good layout and many windows
- Separately metered for electricity and gas with laundry facility on site
- Eight units have been upgraded with modern upgrades including new kitchen with dishwasher, new flooring and much more
EXECUTIVE SUMMARY
Growth Investment Group Pasadena is proud to offer 714 Prospect Ave, a pride-of-ownership 10-unit apartment in one of the best locations in the City of South Pasadena, California. The property offers a superb location on Prospect Ave in the Mission Street Downtown District, and within walking distance to almost all the amenities city of South Pasadena has to offer. The property has been in the same ownership for more than 30 years and this is the first time it has been offered for sale.
It offers an exceptional location on a quiet and mature residential street on Prospect Ave and crossing Mission Street where most of the retail stores are located. A block from Metro Gold Line Station on Meridian St, and from weekly South Pasadena Farmers Market, and within walking distance all these amenities and restaurants: South Pasadena City Hall & Police Department, Trader’s Joe, Nicole’s Market & Café, Fair Oaks Pharmacy, Mike & Anne’s Restaurant, Jones Coffee, South Pasadena Historical Museum, and so much more. It has a Walk Score 89 out of 100. It is also located within the South Pasadena School District with its superb demographics and an average household income of ±$140,474 within a mile radius.
The property offers a pride of ownership and an excellent curb appeal atmosphere. It is a two-story garden style apartment that was built in 1963 with beautiful landscaping. It has a total of 9,704 SF total building and situated on a ±11,994 square feet lot. Ownership have completed many important upgrades including NEW roof in 2020, copper plumbing (buyer to verify), new artificial turf in 2020, 4 new A/C units. It has a shared laundry room (seller own machines) and is separately metered for electricity and gas with individual water heater in each unit. Parking is provided by 15 carport spaces in the back.
The property offers an excellent unit mix of four (4) spacious 2bed+1-3/4bath and six (6) large 1bed+1bath units. Each unit has central A/C and heating and individual water heater (4 units have new A/C). Approximately 8 units have been upgraded with modern upgrades such as new luxury vinyl flooring, new kitchen with quartz/granite countertops + dishwasher and stainless-steel appliances, and new bathroom. Each unit has private patio/balcony. All units are large with plenty of natural light. Due to its superb location and an excellent school district, the property enjoys very low vacancy rate.
LOCATION AMENITIES & ACCESS
The property is strategically situated in Mission Street Downtown District, on a quiet Prospect Ave and within walking distance to Mission St, Fair Oaks Avenue Retail District, restaurants, shopping, city hall and all amenities the City of South Pasadena has to offer. It also offers excellent access to downtown Los Angeles via 110 Freeway. Access to nearby amenities such as Old Town Pasadena, South Lake Avenue District, Pasadena Playhouse District, and Huntington Hospital are within minutes.
DISCLOSURES
This property is being sold together with 1728 Grevelia St, South Pasadena as a portfolio of 18 units. The property can be sold individually; however, seller prefers to sell it as a portfolio.