INVESTMENT HIGHLIGHTS
- 50-units True Value-add building nearby Rose Bowl Area and Old Town Pasadena (±1mile)
- Superb ASSUMABLE FINANCING (Chase) with 2.9% Interest Rates with 50.8% LTV fixed for 3 more years (October 2026) and Due in 28 years (2051)
- ±5% YEAR-1 CASH-ON-CASH Return with ±9.66% PROFORMA CASH-ON-CASH (buyer to verify)
- ±36% Rental upside potential, First time for sale since 2007
- 4 units CAN BE DELIVERED VACANT at Close of Escrow
- Located within a quiet tree-lined residential area; Good demographics w/ ±$95,755 AHH income in a-mile radius.
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
- Parking Soft-story retrofit to be paid by seller.
PROPERTY HIGHLIGHTS
- Very attractive garden style apartment with excellent curb appeal
- Large building on a large lot size (±1.18ACRE)
- Excellent unit mix with more 60% are 2bedroom units.
- Large lot size of 51,227 SF/±1.18ACRE, City may allow additional ADUs.
- Each unit is large with a private patio/balcony and excellent layout, individual water heater.
- Very well-maintained building with attractive garden areas, gated pool, 2 laundry rooms, and covered parking
- All Electric building, many of the units (±26 units – buyer to verify) have been partially updated with updated kitchen and/or updated bathroom.
- Clean buildings and units that can be operated as-is or to be taken to the next level with luxury upgrades.
- Large center courtyard area that can be utilized as additional amenities.
- Separately metered for electricity (all electric building), secured entrance, gated parking, 2 laundry rooms (seller own machines)
EXECUTIVE SUMMARY
Growth Investment Group California as the exclusive listing agent is proud to offer THE RAYMOND VILLA, a 50-unit true value-add garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire a true value add building this size in a good location that is close to almost all amenities City of Pasadena has to offer. The property is within walking distance (±1mile) to Rose Bowl Area and Old Town Pasadena, and situated on a quiet tree-lined street on Raymond Ave and Painter St. This investment offers an ASSUMABLE LOAN with ±50.8% Loan-To-Value (LTV) at very low 2.9% interest rates fixed until October 2026 and due in 28 years (October 2051). Just by assuming the current loan and operating the building as-is, the new owner could realize a stable ±5% cash-on-cash return on year-1 and a whopping ±9.66% return stabilized at proforma/market rent (Buyer to Verify). The combination of this excellent assumable loan, great location, and its true value-add potential made this offering an excellent investment for a savvy investor.
The Raymond Villa is an attractive two-story garden style community that was built in 1964 with ±36,228 SF building size and situated on a large ±51,227 SF / ±1.18-acre lot size. It has excellent curb appeal with mature trees in the front and a secured entrance and gated parking. Walking into the courtyard area, tenants will enjoy a fenced swimming pool, and multiple large and manicured garden planters and courtyard area that can be re-utilized as barbeque area, dog walking area, kids’ play area and other amenities.
The Raymond Villa offers an excellent unit mix of 30 x 2bedroom+1bathroom, and 20 x 1bedroom+1bathroom units. Each unit is large and bright with an excellent layout and a private patio/balcony. Each unit is separately metered for electricity (ALL ELECTRIC building). Each unit has windows A/C, wall heating, ceiling fans, mirrored closets, and plenty of linen cabinets. ±26 units have had some kind of upgrades which may include new kitchen (new cabinets + quartz/granite countertops), and/or new bathroom (new tiled bathroom/shower, new bathroom vanity, and hardware).
Parking is provided by combinations of garage on the side, tuck-under parking in the back, and a detached carport in the back. There are 50 parking spaces with 8 garage spaces on the side, 30 tuck under parking in the back, and 13 spaces in a detached carport. There are 2 laundry rooms with ±5 laundry machines in each room and all the machines belong to the owner and come with the sale. The property is separately metered for electricity. Other amenities include secured entrance and gated parking, gated swimming pool, expansive grounds, separate courtyard/planter areas, and others.
LOCATION AMENITIES AND ACCESS
The property is located at the corner of Raymond Ave and Painter St, just a mile from Rose Bowl area which housed Rose Bowl Stadium, Rose Bowl Aquatic Center, Kidspace Children’s Museum, Rose Bowl Flea Market and Brookside Golf Club. It is within walking distance to Old Town Pasadena, and minutes from almost all amenities City of Pasadena has to offer such as The Paseo on Colorado, South Lake Ave shopping area, museums, theaters, entertainments, groceries, cafes, shops and other fantastic amenities in Pasadena. It has a good demographics of $95,755 average household income within a-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 connects to Downtown Los Angeles.