Highly Desirable Single Story 10-units near Old Town Pasadena, Very Attractive Return w/ 5.25% Current CAP Rate, Excellent Location, Large lot size, Secured Entrance with Private Patio, Almost All Units are Fully Upgraded.
INVESTMENT HIGHLIGHTS
- Excellent location near California Institute of Technology, Pasadena City College, and minutes away from Pasadena Playhouse and Old Town Pasadena
- Rare single-story apartments with very attractive CAP Rate
- Very Attractive Return w/ 5.25% Current CAP Rate
- Turnkey apartment (All except 1 unit upgraded) – Upgrades completed in 2022-2024, perfect for a 1031 exchange buyer, or a savvy investor
- Great location with Walk Score 91, Bike Score 86
- SUPERB demographics with ±$112,926 average household income within a 1-mile radius
- Superb amenities nearby: CALTECH, PCC, Pasadena Playhouse, Old Town Pasadena, 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
- Very attractive single-story mid-century modern apartment with an excellent Curb appeals
- Single Story units!
- Large lot size with R3 zoning, Open space parking (no parking retrofit required)
- Most units have private patio
- Almost all units except 1 have been fully upgraded with high end upgrades
- Excellent amenities: gated parking, secured entrance, electronic RFI unit locks, fully upgraded unit, private patio in some unit
- Luxury upgrades in each unit complete with in-unit laundry, new kitchen, new bathroom
- No balcony – does not require SB721 balcony inspection
- Separately metered for electricity and gas
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 411-417 N Euclid Ave, a very attractive 10-unit Single-story apartment investment, only several blocks north of Old Town Pasadena. This offering provides a very attractive going-in ACTUAL CAP Rate of 5.25% providing consistent and stable cash flow for a savvy investor. The property is a 10-unit single story modern style apartment, and offers strategic location near the Old Town Pasadena, and Rose Bowl area.
It was built in 1950 and has been completely renovated with permits in 2022-2023. It consists of 3 single-story buildings and situated on a large ±11,627sf R3 lot. The property has been completely renovated with permits (9 out of 10 units are fully upgraded), and offers an efficient mix of nine 1bedrooms, and one studio unit. Each unit is unique because it has a vaulted ceiling layout with most units having their own private patio.
All the upgraded units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades (plumbing upgrade in unit), new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
The property has a shared driveway with 405 N Euclid (5-unit next door – also for sale). Parking is provided by 10 open space parking (some are tandem) – no parking soft story retrofit is required. The property does not have any balcony, so it does not require any SB721 inspection. The exterior upgrades include a new entry gate, new parking gate, new exterior paint and signage, completely redone landscaping, updated electrical, and much more!
The property is in the highly desirable area of Pasadena just several blocks north of Old Town Pasadena. It is situated on a quiet tree-lined street and within minutes from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue. Near Pasadena’s historic City Hall, it sits just minutes from the California Institute of Technology, Pasadena Community College, and the 210 and 110 Freeways, offering ease of access to neighboring cities and entertainment destinations in the region. Historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center, Pacific Asia Museum, the historic Tournament of Roses house, and the Norton Simon Museum are minutes away. The property has superb access to FWY 110 and 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.