Exclusive Listings

13-unit Value-add 2 blocks from San Marino, 3.84% Assumable Loan, 3 ADUs Upside

Address:
380 S Sierra Madre Blvd
Pasadena, CA 91107
Price:
$4,450,000
Status:
Available
Type:
Apartment
# Units:
13
Year Built:
1951
Building Size:
6,534SF
Lot Size:
11,130 SF
CAP Rate:
3.80%
GRM:
17.50x
Price/Unit:
$342,300
Price/SqFt:
$681

INVESTMENT HIGHLIGHT

  • Excellent location South of Colorado Blvd location in Pasadena, near The Huntington Library in San Marino, and just minutes away from CALTECH, and PCC
  • Located 2 blocks from San Marino
  • Excellent Assumable Loan at 3.84% fixed until 2027 and Interest Only until 2025
  • Possibility to add 3 ADUs (buyer to verify)
  • Excellent demographics with ±$162,560 average household income within a 1-mile radius
  • Significant rental upside and some leases have provisions for parking fee which bypasses rent control measure (buyer to verify)
  • Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110

PROPERTY HIGHLIGHTS

  • Very Well-Maintained Pride-of-Ownership Value-add apartment.
  • Large Lot: 11,130SF High Density (R4) Lot
  • Well-manicured front yard with serene garden landscaping
  • Overparked building with 26 spaces (12 are tandem); NO Parking Soft Story Retrofit is required; ADU upside in the parking area (buyer to verify)
  • Recent capital improvements completed: NEW exterior paint in 2021, security cameras in common area, double pane windows, updated electrical (buyer to verify)
  • Each unit has an excellent layout with individual water heaters and separately metered for electricity and gas.
  • Secured entrance, shared laundry room (seller own machines) and common area for barbeque.

EXECUTIVE SUMMARY

Growth Investment Group California is proud to offer 380 S Sierra Madre Blvd, a value-add 13 units apartment in prime location only 2 blocks from San Marino, and nearby CALTECH, PCC and in south of Colorado Blvd in Pasadena.The property has been very well-maintained with a pride-of-ownership atmosphere. It offers significant upside potential and ample opportunities for other improvements such as adding ADUs (buyer to verify). The property has an assumable loan with low 3.84% interest rates which is fixed until March 2027 and has Interest Only payment until March 2025. The combination of prime location with rental upside and attractive assumable loan makes this investment offering a rare and attractive investment for the right buyer.

The property was built in 1951 and has had multiple recent capital improvements such as brand-new exterior paint that was completed in 2021, security system in common area, updated electrical (buyer to verify), and double pane windows. It is situated on a large 11,130 SF R4 zoned lot which provides future development potential and clear potential to add Additional Dwelling Units (ADU – Buyer to verify).

The community is a garden style two-story building with secured entrance and covered parking. It has well-manicured landscaping in the front and courtyard area. It offers desirable unit mix of two (2) x 2bedroom+1bathroom, seven (7) x 1bedroom+1bathroom, and four (4) x Studio units. Each unit has an excellent layout with some units that have been updated with granite kitchen countertops, laminate wood plank flooring, mirrored closet doors, and double pane windows. Each unit has an individual water heater, bay windows in the kitchen area, and individually metered for electricity and gas.

Most of the units are on month-to-month rental agreement (buyer to verify), and current rents are below market. Some units have separate parking agreements for parking fees which provides the opportunity to capture some of those upsides (buyer to verify). There are 26 parking spaces which are provided by a detached carport for 12 cars + 12 tandem spaces and 2 open spaces. Investors may be able to add ADUs in the parking area (buyer to verify). The property is separately metered for electricity and gas. It has a shared laundry room with seller own machines.

LOCATION AMENITIES AND ACCESS

The property is in the highly desirable area of Pasadena just several blocks south of Colorado Blvd and minutes away from The Huntington Library in San Marino, California Institute of Technology, and Pasadena City College. It is situated on a wide and mature community on Sierra Madre Blvd with superb access to almost all amenities the City of Pasadena has to offer. It has Excellent demographics with ±$162,560 average household income within a 1-mile radius. Metro Gold 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.



Marketing Files


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

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Office:
GROWTH INVESTMENT GROUP CALIFORNIA
1487 E Colorado Blvd.
Pasadena, CA 91106
By Appointment Only - No Walk-ins
Front Office: 626.594.4901

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