Extremely Rare 7-unit on Master Net Lease Structure (The GOODEN CENTER - credit tenant) – MINIMUM Landlord Responsibility – MINIMUM Landlord Responsibility, Prime Location several blocks from CALTECH and PCC, HIGH 7.13% In-place CAP Rate, Major Systems Completely Upgraded, RM-48 Zone, Approved Plan for 1 ADU is included
INVESTMENT HIGHLIGHTS
- Exceptional 7.13% In-Place CAP Rate: outstanding 7.13% in-place CAP rate with a proven track record, delivering a rare combination of robust immediate cash flow and future upside.
- Minimal Landlord Responsibilities (Master Lease): The entire property is master leased to The Gooden Center, a well-known healthcare provider (credit tenant). The Net Lease structure requires the tenant to pay for insurance, all utilities, trash, landscaping, and almost all property maintenance (subject to lease), offering a passive, hands-off investment.
- Positive Leverage & Yield: Investors can achieve over ±8.74% Cash-on-Cash return with a minimum down payment, secured by a high-performing asset in a Class-A submarket.
- Superb Demographics: highly affluent residential neighborhood boasting an average household income of ±$141,687 within a 1-mile radius.
- Premier Educational & Employment Hub: exceptionally located just blocks from the California Institute of Technology (Caltech) and Pasadena City College (PCC)
- Strategic Transit Access: Seamless connectivity to the 210, 134, and 110 freeways, providing an easy commute to Downtown Los Angeles, Burbank, and Glendale.
PROPERTY HIGHLIGHTS
- Highly Desirable Unit Mix & Layout: The 12,313 SF lot features four single-story bungalows and a rear triplex, offering an excellent mix of large two-bedroom and one-bedroom units.
- Excellent Curb Appeal: The beautifully maintained grounds feature a serene community garden, outdoor seating, a barbecue area, and an ADA-compliant ramp for the rear triplex.
- Approved Plan for 1 ADU is included
- Extensive Recent CAPEX: Main Electrical panels have been upgraded to 400amps, new driveway and repaired concrete, recently repainted exterior on some bungalows, 2 units have upgraded windows, 4 units have newer tankless water heaters, 3 units have newer mini split HVAC, newer central HVAC for remaining 4 units
- Modernized Interiors & Exteriors: Recent improvements include repainted exteriors on select bungalows, upgraded windows in two units, four newer tankless water heaters, and updated HVAC systems throughout (a mix of newer central and mini-split units).
- Great location with Walk Score 92, Bike Score 88
- Separately Metered: Each unit is separately metered for gas and electricity, further minimizing owner overhead. Master Lease tenant pays for all utilities (including water , trash, and gardener) and maintenance.
CAPITTAL IMPROVEMENTS COMPLETED
200A-to-400A electrical service upgrade with permits; electrical upgrades throughout; permitted HVAC replacement/modernization; tankless water heaters; siding repairs; full exterior repainting; interior painting; LVT flooring; walkway, driveway and carport and ramp repairs; and window replacement work.
Infrastructure & Building Systems
- Upgraded the property's electrical service from 200 amps to 400 amps.
- Completed electrical upgrades throughout the property.
- Permits were obtained for the electrical service upgrade, ensuring the work was completed in accordance with applicable building codes.
- Replaced the original wall-mounted air conditioning units with new modern air conditioning systems throughout the property.
- Permits were also obtained for the HVAC installation.
- Installed new tankless water heaters throughout the property, providing a more efficient and modern hot water system.
Exterior Improvements
- Replaced damaged exterior siding where needed.
- Professionally repainted the entire exterior.
Interior Improvements
- Painted all residential units.
- Replaced carpet with new luxury vinyl tile (LVT) flooring, providing a durable, attractive, and low-maintenance finish.
Site Improvements
- Repaired cracked and deteriorated walkways to improve safety and curb appeal. Including sections of driveway, carport, and poured a new driveway ramp.
- Currently replacing 10 windows
EXECUTIVE SUMMARY
Growth Investment Group California is proud to present 146-154 N Holliston Ave, an impeccably maintained 7-unit multifamily community located in the highly desirable central Pasadena market. Strategically situated just blocks from CALTECH and Pasadena City College, this property represents a premier passive income vehicle.
The asset is securely master leased to The Gooden Center (a well-known healthcare operator – has been in the business for ±50-year in the area) under a Single Tenant Net Lease structure, shielding the owner from standard operational headaches. Because the tenant is responsible for insurance, all utilities and almost all maintenance (up to the first $3,000), landlord management responsibilities are kept to an absolute minimum. Coupled with an in-place CAP rate of 7.13%, this offering provides highly attractive positive leverage and outstanding yield for a Class-A location in the West San Gabriel Valley.
The property is situated in a quiet residential area and offers a high Walk Score of 92 and Bike Score of 88. It is situated in a highly affluent area with an average household income of ±$141,687 within a 1-mile radius. It offers many amenities in the area including Lake Ave District and Old Town Pasadena and flurries of restaurants along Colorado Blvd.
Built in 1922, the ±5,443 SF property rests on a spacious ±12,313 SF RM-48 zoned lot. It offers a highly desirable layout with 4 single story bungalows and a triplex in the back. It has walkway on its right side complete with community garden and covered seating and barbeque area. It offers excellent unit mix with one (1) x 2bed+1bath bungalow, three (3) x 1bed+1bath bungalows, two (2) x 2bed+1bath (back triplex), and one (1) x 1bed+1bath (back triplex). The sale comes with an approved plan for 1 ADU.
The master tenant expertly utilizes the diverse layout—consisting of four single-story bungalows and a rear triplex—for offices, meeting spaces, and consultation rooms. The property has benefited from massive capital improvements, allowing a new investor to step into a stabilized, low-maintenance asset immediately. The front bungalow has central HVAC unit, and the other 3 bungalows have mini split HVAC. The back triplex has central HVAC.
The property has undergone massive capital improvements such as complete upgrade of electrical panels (400Amps), new driveway and concrete repairs, recently repainted exterior, new tankless water heaters in several units, and others.
There are 7 parking spaces provided by carports in the back; current tenant is using them as a gym area. Each unit is separately metered for electricity and gas. Master Lease tenant is responsible for all utilities and maintenance.
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.