INVESTMENT HIGHLIGHTS
- Prime apartment investment in an excellent location near California Institute of Technology, Pasadena City College, and minutes from Pasadena Playhouse and Old Town Pasadena
- Attractive CAP Rate close to 5% with Upside potential
- SUPERB demographics with ±$125,446 average household income within a 1-mile radius
- Superb amenities nearby: CALTECH, PCC, Pasadena Playhouse, Old Town Pasadena, Target, Amazon Fresh, Vroman Bookstore, Urth Café, and much more
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Well maintained two-story garden style apartment with excellent curb appeal, gated entrance and secured parking
- Corner lot location with a wide ±84’ frontage on Union Street
- Eight out of 10 units have been updated: updated kitchen and flooring
- Excellent roof condition, double pane windows throughout, minimum landscaping, low maintenance property and easy to manage, updated exterior paint
- Good unit mix with good distributions of 2-bedroom and 1-bedroom units
- Great location with Walk Score 94, Bike Score 85
- Separately metered for electricity and gas, carport parking (no soft story retrofit required), seller own laundry machines
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 112 N Mar Vista, a well-maintained property in an excellent location only several blocks away from CALTECH and Pasadena City College. With a walk score of 94 and proximity to many amenities in the area including Lake Ave District and Old Town Pasadena and flurries of restaurants along Colorado Blvd, this community offers an ease of management and easy to rent investment. Offered at close to 5% CAP Rate, this investment presents an excellent opportunity for savvy investors to buy a very well-located apartment with no known deferred maintenance and excellent in-place rents.
The property was built in 1959 and situated on southeast corner of Mar Vista Ave and Union St. It has a total of ±6,920SF building size and is situated on a large ±8,744SF R4 lot. It has small lawn in the front with side paver stone courtyard that provides easy access to units. The roof is in excellent condition and the property has updated exterior paint. It offers an excellent unit mix of two (2) 2-bedroom+1-bathroom, and eight (8) 1-bedroom+1-bathroom units. Approximately 8 out of 10 of the units have had upgrades with updated kitchen, updated flooring and updated bathroom (buyer to verify). The units are spacious and bright with updated dual pane windows throughout.
There are 9 parking spaces provided by carports in the back – there is no soft story retrofit required. Parking is secured by an automatic parking gate. There is a shared laundry room with seller’s own machines. Each unit is separately metered for gas and electricity.
LOCATION AMENITIES AND ACCESS
The property is located within the central Pasadena area (near Pasadena City College and California Institute of Technology), south of 210 Freeway and just within minutes to Old Town Pasadena area. Boasting a Walk Score of 94 with SUPERB demographics, it offers a superior location with easy access to FWY 210 and FWY 134. It is approximately a mile away from Pasadena Playhouse District, and around ±1.8miles from Old Town Pasadena. It is also just minutes from The Pasadena Convention Center, Norton Simon Museum, Pacific Asia Museum, shopping and dining in the area. The property has superb access to 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.
Benefit from Pasadena's thriving rental market, fueled by the steady influx of students, professors, and professionals drawn to the area. Demand for quality housing near CALTECH and PCC remains high, ensuring a consistent stream of potential tenants. Unlock the potential for attractive rental yields and long-term appreciation with this strategic investment in a sought-after location.