PROFORMA CAP RATE with 2 NEW ADUS: 10.13% (Buyer to verify - financials in the OM)
INVESTMENT HIGHLIGHTS
- Prime Value-add near Old Town Pasadena and Rose Bowl; Bungalow 3-units with an Approved Plan for 2 ADUs
- 1 unit is in eviction process and may be delivered vacant
- Blank canvas value-add investment that is perfect for owner-user and/or creative investor to add significant value
- Built in 1898, the property MAY be eligible for The Mills Act historic designation for Property Tax Abatement benefit (Buyer to Verify)
- 30-year fixed rate financing, one of the best ways to fight inflation
- SUPERB demographics with ±$112,926 average household income within a 1-mile radius
- Walk Score 80, Bike Score 91
- Superb amenities nearby: Paseo Colorado, Old Town Pasadena, Apple store, 24-hour Fitness, Target, Vroman Bookstore, Urth Café, ,Norton Simon Museum, USC Pacific Asia Museum, Pasadena Museum of California Art, Pasadena Playhouse
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- 2-story bungalow with American Craftsman architectural style; Building with charming character
- Excellent curb appeal, easy to maintain, large lot, garage parking
- The 2bedroom upstairs unit is large with private patio with under-utilized loft/attic area (buyer to verify); Perfect for an owner-user.
- Brand new water-drought landscaping, new exterior paint, new window blinds throughout
- Separately metered for electricity and gas, no soft story retrofit is required
- Units are large with high ceilings, large dining room, etc.
- Ample parking with 5 garage spaces (sale comes with an approved plan to convert garage to 2 ADUs)
EXECUTIVE SUMMARY
Growth Investment Group Pasadena is proud to offer 405 N Euclid Ave, a value-add 3-units apartment community in the City of Pasadena. The property is a 2-story bungalow with American Craftsman architectural style that has a lot of character. The property offers strategic location nearby Old Town Pasadena, and Rose Bowl. This offering provides an excellent opportunity for first-time apartment investor or even an owner-user to put their personal touch in a building w/ character and add value in the process. The sale includes an approved plan to convert the parking garages into 2 ADUs
The property was built in 1898 and MAY be eligible for The Mills Act Program which will provide significant tax advantage through its Property Tax Abatement program (buyer to verify and conduct their own diligence). It has a total of ±2,744 SF building size and situated on a large ±11,630 SF lot. It has a shared driveway with the property next door 411-417 N Euclid Ave which is also available for sale. It offers excellent unit mix of two (2) x 2bedroom+1bathroom, and one (1) x 1bedroom+1bathroom unit. Due to its configuration, it will be very easy for new owner to convert the 1bedroom unit into a 2bedroom unit (buyer to verify).
The units are unique due to its high ceiling and many charming characters such as higher ceiling and large kitchen. The 2nd floor 2bedroom unit is larger with additional “large den” area that is being used as tenant’s private office, large kitchen with separate dining room and breakfast counter, and an under-utilized attic space. Each of the two-bedroom unit has large private patio in the back. None of the units have been upgraded which provides blank canvas opportunities for creative new owner to put their own personal touch into each unit. The exterior upgrades include new entry gate, new parking gate, new exterior paint, completely redone landscaping, and new windows blinds.
Parking is provided by 3 open parking space in the back and 5 car parking garage. The parking area is shared with the building next door, 411-417 N Euclid Ave – a 10-unit fully upgraded apartment which is also available for sale.
LOCATION AMENITIES AND ACCESS
The property is in the highly desirable area of Pasadena just several blocks north of Old Town Pasadena. It is situated on a quiet tree-lined street and 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.