5-unit Single-Story Value-add Apartment near Old Town Pasadena, near several new condominiums, Significant Rental Upside, First Time for Sale Since 1975
INVESTMENT HIGHLIGHTS
- Excellent location minutes away from Old Town Pasadena, Rose Bowl, and FWY 210; Walk Score 84, Bike Score 87
- First Time for Sale since 1975
- CORNER LOT, across from upcoming new 23 condominiums project, and another future condominiums project
- Excellent demographics with ±$119,409 average household income in a 1-mile radius
- Superb location two blocks from Lake Ave and within walking distance to many amenities in the City of Pasadena
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Highly Desirable Single-Story Layout: Advantageous construction that eliminates the need for costly seismic soft-story retrofitting and SB 721 balcony inspections.
- Efficient Unit Mix: 100% 1-bedroom/1-bathroom units, ensuring ease of management, high renter demand, and operational efficiency. One unit may be delivered vacant for immediate repositioning.
- Substantial ADU Potential: Expansive ±9,747 SF corner lot with medium-to-high density zoning (Note: please verify R3 vs R4 as both were in your draft). The large footprint and existing carport layout provide a superb opportunity to add Accessory Dwelling Units (ADUs) in the rear.
- Low Operating Expenses: All units are separately metered for electricity and gas.
- Ample Parking & Amenities: Features an on-site laundry room and a central driveway off Wilson Avenue leading to 7 rear parking spaces (5 covered carports and 2 open spaces).
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 1086 E Villa St, a 5-unit value-add single-story apartment in a highly desirable location in the City of Pasadena, CA. Offered for the first time since 1975, this easy to operate and rent apartment offers significant value-add opportunity for the right investors. The property is in a highly gentrified area nearby many newer condominiums projects and across from to be built 22 condominiums project. It is located only 3 blocks east of Lake Ave, and minutes away from most of City of Pasadena amenities such as Old Town Pasadena, Lake Ave Shopping District, Rose Bowl area, CALTECH and PCC. It is surrounded by other small apartments and single-family houses and has excellent demographics of ±$120,347 average household income in a 1-mile radius.
The property sits on a large corner lot with R3 (medium high-density) zone. It was built in 1954 and has a total 3,046 SF building size. It has middle driveway from Wilson Ave that leads into parking area. The property has 5 x 1bedroom+1bathroom unit mix which makes it easy to rent and manage. One of the units is vacant and may be delivered vacant. Each unit is separately metered for electricity and gas. Parking is provided by 7 parking spaces (5 carports and 2 open space) at the back. The large lot size, R3 zoning (medium high density) and carport parking provide superb opportunity for new owners to add ADUs units in the back. Because of the layout of the property, there is no parking soft story retrofit required and there is no SB721 inspection required.
The property is located just three blocks away from Lake Ave and within walking distance to myriads of shopping and other amenities on Lake Ave and Colorado Blvd. It is within minutes from Old Town Pasadena, Rose Bowl, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographics of $119,409 average household income within a 1-mile radius. The property has superb access to FWY 210 and 110 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 connect to Downtown Los Angeles.