INVESTMENT HIGHLIGHTS
- Close to 5% CAP Rate, Extremely Rare HIGH CAP Rate offering in this location.
- 100% VACANT and Fully Upgraded in Class A Location in Pasadena
- Excellent CASH Flow and/or Cash-on-Cash return with real estate advantage (appreciation + tax depreciation)
- NO Costly Tenant Relocation Fee needed. Bypass Pasadena Rent Control Measure.
- Unbeatable location across from Pasadena City College!
- Extremely rare offering in Los Angeles County apartment market where investor DOES NOT HAVE to RELOCATE ANY tenant to realize value.
- Excellent demographics with ±$128,929 average household income in a one-mile radius
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Prime Location across from Pasadena City College, and several blocks from CALTECH
- All the major systems have been completely upgraded with Brand New Roof, new Plumbing, new Electrical main panel + subpanel, new Sewer Line, new Windows, new entry gate, new driveway, new landscaping, and fully upgraded units.
- ALMOST brand-new building with complete upgrade; NO Known Deferred Maintenance
- Minimum operating expenses for the next several years
- Very attractive garden style apartment with excellent curb appeal
- Highly desirable Single-story layout, brand-new drought tolerant landscaping in the front; no gardener is required.
- Excellent unit mix with 2 x 2bed+2bath, and 3 x large 1bed+1bath
- All the units have been fully upgraded with brand new kitchen, brand new bathroom, and brand new almost everything.
- New Owner will have a Total Control of the tenant selections!
- Open space parking, No Soft-Story Parking Retrofit is required, 1 parking garage for additional income or possible ADU conversion.
- Attractive Lot size with ample parking, separately metered for electricity and gas
EXECUTIVE SUMMARY
Growth Investment Group California as the exclusive listing agents are proud to offer 159 N Sierra Bonita, a HIGH CAP Rate and 100% Vacant 5-unit garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. With CAP Rate Close to 5% in a Class-A Location, and 100% VACANCY, this offering provides an extremely rare opportunity for investors to acquire a beautifully upgraded single-story apartment in an unbeatable location in Pasadena. This 100% Vacancy provides new owners with TOTAL CONTROL of tenant selections without having to deal with costly & time-consuming tenant relocation, and thus bypassing Pasadena Rent Control.
The property is an attractive single story garden style apartment that was built in 1954 and completely upgraded in 2023-2024. It offers a large ±3248 SF building size and is situated on a ±8,964 SF lot size with medium density zoning RM-32. It has excellent curb appeal with complete upgrades that includes new roof, new electrical (panel + subpanels), new plumbing, new sewer line, new windows, new landscaping, new entry gate, new driveway, new exterior façade, new exterior paint, and all units have been completely upgraded.
It offers an excellent unit mix of 2 x 2bedroom+2bathroom, and 3 x large 1bedroom+1bathroom. Each unit is bright with an excellent layout and has been fully upgraded with high-end finishings. All the windows have been upgraded with double pane windows, complete with brand new zebra blinds, all units have brand new flooring throughout, brand new kitchen with kitchen island complete with high-end cabinets and quartz countertops, brand new bathroom complete with tiled bathroom and new vanity cabinets, new mini-split HVAC system in living room and bedroom, and brand new almost everything. Each unit comes with laundry machines and individually metered for electricity and gas.
Parking is provided by 5 open spaces at the back. There is an attached private garage that could either be rented out or converted into an ADU.
LOCATION AMENITIES AND ACCESS
The property is located on a small street across from Pasadena City College and only several blocks north of CALTECH. It is crossing Colorado Blvd and south of 210 FWY, making this a very desirable location. Old Town Pasadena and Lake Ave Shopping District are only minutes away. It is within minutes from Rose Bowl area, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographic of $128,929 average household income within a 1-mile radius. The property has superb access to FWY 210 and FWY 134 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.