Disclosure: CAP Rate and GRM are Proforma (50% vacant - marked to market). Historical property, No Parking, Seller is a real estate broker in California.
Growth Investment Group California as the exclusive listing agents are proud to offer 545 S Euclid Ave, a Madison Heights area multifamily investment opportunity. It is an 8-unit bungalow style located in one many would consider the best area of the highly desirable City of Pasadena, CA. With 50% VACANCY and close to 6% CAP Rate (vacant units marked to market), this offering provides an extremely rare opportunity for investors to acquire a true value add building in a Class A Location. This is the first time this property has been offered for sale by itself since 2000 (±24years!). This 50% Vacancy provides new owners with IMMENSE CONTROL of the property operations, rehab program, and rental rates without having to deal with costly & time-consuming tenant relocation, and thus initially bypassing the Pasadena Rent Control on the 50% of the units.
545 S Euclid is a very attractive single-story (except the 4bedroom house is a 2-story) bungalow style apartment that was built in 1922. It offers a large ±6,548 SF building size and is situated on a large ±12,982 SF lot size. It has superb curb appeal with a center garden area. It offers an excellent unit mix with one (1) x large 4bedroom+2bathroom house in the back, four (4) x single story 2bedroom+1bathroom, and three (3) x 1bedroom+1bathroom bungalows.
Each unit is spacious and large with an excellent layout, original hardwood flooring, charm, and character. The large house in the back is a 2-story grand house with 4bedroom+2bathroom and has beautiful character that is unique such as an oversized living room, original hardwood floor, double door to the first bedroom, floor heater, large private side and backyard, laundry area with laundry hookups and so much more. The vacant units are the large 4bed house, two (2) of the 2bedroom units, and one (1) of the 1bedroom unit.
The property is separately metered for electricity and gas and each unit has its own water heater. Each unit has its own laundry hookups, large kitchen area, and spacious bathroom. There is no parking. This property is registered as historical property with the city of Pasadena and National Historical registry.
LOCATION AMENITIES AND ACCESS
The property is located south of Del Mar Blvd and north of California Blvd. Just two blocks south of Old Town Pasadena and in the Madison Heights area, this location offers tenants superb amenities and myriad of shopping in Pasadena. 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 demographics of $140,786 average household income within a 2-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.