INVESTMENT HIGHLIGHTS
- Rare Opportunity to buy a multi-generational 20-unit apartment in a Class A Location
- EXCELLENT LOCATION: walk to Bristol Farms, Garfield Park and within walking distance to Fair Oaks Ave retail corridor, Mission Street Downtown District, and minutes from Old Town Pasadena, and Huntington Hospital
- Priced-to-Sell multi-generational multifamily property offered at a reasonable actual CAP Rate for a HIGH-QUALITY location and asset; Proforma CAP Rate close to 6%!
- VERY HIGH walk scores of 87 out of 100 (“Very Walkable”)
- SUPERB demographics: Average household income ±$180,692 within a mile radius
- South Pasadena School District; NO LOCAL Rent Control (AB1482 Statewide)
- Excellent access to downtown Los Angeles via 110 Freeway
- Walking distance to restaurants, Metro Link Rail Station (Gold Line) and many amenities in the area
PROPERTY FEATURES
- Several blocks away from the City of San Marino, south side of Grevelia St (not abutting 110FWY)
- Beautifully updated garden-style apartment; Arguably one of the best garden-style apartment properties in South Pasadena
- Excellent curb appeal with well-manicured landscaping
- Garage parking with recently updated driveway, NO SHARED DRIVEWAY with neighboring properties!
- Excellent unit mix with Large 1bedroom and 2bedroom units
- Five units have been fully upgraded with high-end finishes (w/ in-unit laundry machines)
- Non upgraded units are enhanced with original hardwood floor, smooth ceilings, custom color paint, tiled kitchens, plenty of storage cabinets, and much more.
- Each unit is individually metered for electricity and gas, community laundry room and garage parking.
- Many Recent major capital improvements: updated driveway, new exterior paint, many units have been completely upgraded.
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer Grevelia Gardens, a beautifully updated 20-unit apartment in a superb location in the City of South Pasadena, California. The property offers a superb location on the south side of Grevelia Street (not abutting FWY110), crossing Fair Oaks Ave and just within walking distance to Fair Oaks Ave Retail corridor and Mission Street Downtown District, Garfield Park, and only several blocks away from the City of San Marino.
It has a Walk Score 87 out of 100, demonstrating a high “walkability” to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues. It is also located within the South Pasadena School District with its superb demographics and an average household income of ±$180,692 within a mile radius.
Arguably one of the best apartments in South Pasadena, the property is a beautifully upgraded garden style apartment with an attractive center courtyard. It was built in 1947 and updated in 2024. Its center courtyard has a manicured and very well-maintained landscaping, where each unit has its own garden atmosphere. It has a total of 14,100SF building area and on a large ±24,678 SF Lot size.
The property offers an excellent unit mix of four (4) large 2bed+1.75bath and sixteen (6) large 1bed+1bath units. All units are large with plenty of natural light and windows. Each unit has an excellent layout with an original hardwood floor, smooth ceiling, custom color paint in some units, plenty of storage cabinets, and much more. Five units have been completely upgraded with a new kitchen, in-unit stacked laundry machine, new bathroom, new ductless mini-split A/C system, and much more. The brand-new kitchen has a high-end kitchen cabinet with quartz countertops, stainless steel appliances, and a dishwasher. Each unit has a dining area complete with ceiling fans. The updated units have mini split A/C and ceiling fans in the bedroom.
Owners have made a lot of major improvements such as a new driveway, new exterior paint, improvements to the landscaping, completely upgraded several units (with updated electrical, etc.). Parking is provided by 20 garage parking (1 for each unit), and its own driveway (no shared driveway). Each unit is individually metered for electricity and gas and the building has a shared laundry room.
LOCATION AMENITIES & ACCESS
The property is strategically situated on Grevelia Street crossing Fair Oaks Ave and within walking distance to the Mission Street Downtown District, Fair Oaks Avenue Retail District, restaurants, shopping, city hall and all amenities the City of South Pasadena has to offer. It is several blocks from the City of San Marino. It also offers excellent access to downtown Los Angeles via FWY 110. Access to nearby amenities such as Old Town Pasadena, South Lake Avenue District, Pasadena Playhouse District, and Huntington Hospital are within minutes.