INVESTMENT HIGHLIGHTS
- Excellent high-quality asset with superb unit-mix only minutes away from Old Town Pasadena, Rose Bowl, and FWY 210
- Significant rental upside with proforma CAP Rate of 6.73%
- Diverse Unit Mix: This impressive property encompasses four individual houses and an additional six apartment units, providing a diverse mix of rental options. The houses feature spacious layouts, private outdoor spaces, and an authentic charm that appeals to a wide range of tenants.
- Expansive Lot: ample outdoor space for residents to enjoy. The well-maintained grounds provide opportunities for recreational activities, communal gatherings, and potential future development, allowing for further enhancement of the property's value.
- Good demographics with ±$94,047 average household income in a-mile radius
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
- Strong Rental Market: Pasadena boasts a robust rental market, driven by its thriving economy and desirable living environment. The city attracts a broad range of tenants, including working professionals, families, and students attending nearby educational institutions
PROPERTY HIGHLIGHTS
- Extremely attractive garden style apartment with bungalow units and excellent curb appeal, beautifully landscaped
- 4 detached houses and 6 apartment buildings on a large R3 zoned lot
- Excellent unit mix with mostly 2bed units, 4 units are single story bungalows/houses.
- Recently replaced roofs, central A/C and heating, and many more capital improvements completed in 2008-2009
- Bungalows have laundry hookups, each unit has newer Central A/C & heating system (2009), semi-private porch and backyard.
- Double pane windows throughout, solid wood entry doors, original hardwood flooring, controlled entrance (gated), separately metered for electricity and gas, two shared laundry rooms, large storage room.
- Large lot size with ample parking (garage + open + tandem), storage cabinets in garage
EXECUTIVE SUMMARY
Growth Investment Group California is proud to present MONTANO VILLAS, a 10-unit garden style apartment investment opportunity located in the City of Pasadena, CA. This exceptional property comprises of 4 bungalows/houses and 2 triplexes and is situated on a large ±20,911sf R3 lot. This value-add investment opportunity provides savvy investors with high-quality assets in a strong Pasadena submarket with significant rental upside potential and future expansion opportunities. The previous ownership had completed many significant capital improvements: Some of the major improvements are recently replaced roofs, new Central A/C and heating in each unit, new double pane windows throughout (2008-2009). Don't miss out on this unique chance to secure a prime investment in one of Southern California's most sought-after markets
VILLA MONTANO is a pride-of-ownership attractive two-story garden style gated community that was built in 1949. It has a total of 8,340 SF building size and is situated on a ±20,911 SF R3 lot size. It offers excellent curb appeal with manicured landscaping. The property has 4 patio homes with a semi-private porch and side yard. The 4 patio homes are all 2bedroom+1bathroom units complete with laundry hookups. Each patio home’s bathroom has tiled shower + bathtub.
The remaining 6 units consist of four (4) 2bedroom+1bathroom, and two (2) 1bedroom+1bathroom units. Each unit has central A/C and heating (installed in 2009), double pane windows, original hardwood flooring, stove, and refrigerator. Each of the 4 patio homes have a dishwasher. Each unit has an individual water heater and separately metered for electricity and gas.
The property has two shared laundry rooms (machines are seller owned) and a large storage room. Parking is provided by a combination of 9 parking garages (with storage spaces) and several open space parking. Most tenants in this community are long time tenants that are on month to month and are due for rent increases. Additional significant rental upside can be realized when units turn in the future.
LOCATION AMENITIES AND ACCESS
The property is several blocks north of Old Town Pasadena. It is located east of Los Robles Ave and west of El Molino Ave. It is nearby the Rose Bowl area (Rose Bowl Stadium, Rose Bowl Aquatics Center, Kidspace Children Museum, and Brookside Golf Course), and just located across from a local Washington Park. It is within minutes from Old Town Pasadena, Playhouse District, The Paseo, and 210 freeway. It has a good demographic of $94,047 average household income within a-mile radius. It offers convenient access to the best amenities the City of Pasadena has to offer. 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.