INVESTMENT HIGHLIGHTS
- Strategic Location ±1 mile from Rose Bowl area (Rose Bowl Stadium, Rose Bowl Aquatics, Kidspace Children’s Museum, Rose Bowl Flea Market and Brookside Golf Club); Less than a mile from Old Town Pasadena!
- ADUs Upside (Buyer to Verify)
- Arguably one of the lowest priced per unit for an upgraded apartment in desirable part of Pasadena
- Close to 5% Current CAP Rate and over 6% Proforma CAP Rate; Excellent cash-flow and stable multifamily investment in good location of Pasadena
- Upgraded apartment completed in 2022-2023, perfect for a 1031 exchange buyer, first time apartment buyer, or owner-user.
- Walk Score 81, Bike Score 82
- Good demographics with ±$118,250 average household income within a 1-mile radius
- A quiet and tree-lined side street location with easy access to amenities and many new developments in the area
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- ALL 2Bed+1Bath units, Easy to rent location with full occupancy
- Almost Turn-key apartment (all units except 1 have been upgraded) with excellent curb appeal.
- 9 units have complete upgrades with new flooring, new kitchen (quartz countertops, dishwasher, SS appliances, in-unit laundry machines, new bathroom)
- New drought tolerant garden landscaping with tall hedges for privacy
- Excellent amenities: new fence and parking gate, new privacy tall hedges, extra laundry room, upgraded units
- Individually metered for electricity and gas, double pane windows, ample parking – no soft-story parking retrofit is required
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 642 N Orange Grove Blvd, an upgraded 10 units apartment community in the City of Pasadena. The property is in a strategic location within walking distance to Rose Bowl area (±1mile) which housed Rose Bowl Stadium, Rosebowl Aquatic Center, Kidspace Children’s Museum, Rose Bowl Flea Market and Brookside Golf Club. It is less than a mile to Old Pasadena which housed many of Pasadena most desirable shopping, entertainment, dining, and other cultural & entertainment attractions, which makes this location even more desirable and easy to rent (WALK SCORE is 81, Bike Score is 82). This strategic location, combined with an excellent unit mix of ALL 2bedroom+1bathroom and its serene and tranquil settings makes this an excellent multifamily investment for a smart and savvy investor. The investment offers a higher than market CAP Rate – with existing CAP Rate close to 5% and Proforma CAP Rate more than 6%, making this investment a sound and stable multifamily investment in a highly desirable area of Pasadena.
The property was built in 1963 and has been thoroughly renovated in 2021-2022. Major capital improvements including new privacy hedges along the property line, upgraded fence and gate, new drought tolerant landscaping, and 9 units have undergone complete upgrade. It offers excellent ALL 2bed+1bath units. Each upgraded unit has new flooring, new kitchen with quartz countertops and stainless steel appliances including dishwasher, new in-unit laundry machines, new tiled bathroom, and much more.
The property is separately metered for electricity and gas. Parking is provided by 10 parking spaces in the back (7 open + 3 carport - no soft-story parking retrofit is required). Given its excellent real estate fundamentals, high CAP Rate, Low Price per unit for an upgraded apartment, and a convenient location, the 642 N Orange Grove provides safe haven investment for a savvy, or new apartment investors.
LOCATION AMENITIES AND ACCESS
The property is in the highly desirable area of Pasadena within walking distance to Rose Bowl area and Old Town Pasadena. This strategic location provides excellent access for all tenants to enjoy most of amenity’s city of Pasadena has to offer. 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.