$5,100,000
Priced at a LOSS for FAST CLOSE (Seller Retiring)! Rare ±6.9% CAP 20-Unit Turnkey Portfolio in Prime Central Pasadena – Steps from PCC & Caltech, Fully Upgraded, In-Unit Laundry, Zero Relocation Hassles, Built-In Tenant Demand. 31 N Parkwood and 1837 E Colorado Blvd, a premier 20-unit apartment portfolio located in the heart of Pasadena, CA. Situated just steps from Pasadena City College (PCC) and blocks from the California Institute of Technology (Caltech), this portfolio represents a rare convergence of Turnkey Condition and High Yield Returns (±6.30% Cap Rate) in a high-barrier-to-entry market. The Seller is highly motivated and retiring, offering this asset at a price significantly below their acquisition cost. This is a unique chance for an investor to step into a stabilized, high-cash-flow asset immediately, bypassing the capital exposure and time delays of renovation. Combine that with fully upgraded units featuring in-unit laundry, market rents already in place, and zero relocation expense, and you get strong Day-1 cash flow plus long-term appreciation in a supply-constrained, high-demand submarket. Both properties have been completely upgraded, and each unit has been beautifully upgraded - complete with in-unit laundry machines (seller own). Since this investment consists of 2 properties, new owner does not require an on-site manager. Due to its super strategic location, this investment has a built-in pool of renters (CALTECH students/workers, and PCC International students), making it an easy property to rent with minimum repairs needed. 31 N Parkwood is an 8-unit garden style 2-story apartment that was built in 1958. It has 5,322 SF living space, and situated on a 10,100 SF R3 zone lot. It has a good unit mix of 1 x 3bed+2bath, and 7 x 1bed+1bath units. All the units have been fully upgraded (brand new flooring, new kitchen – with dishwasher, new bathroom, stainless steel appliances, and in-unit laundry machines). 1837 E Colorado is a 12-unit highly desirable single-story apartment with lush drought tolerant landscaping in the front that was built in 1923. It has 4,608 SF living space, and situated on a 8,994 SF MU-C (Commercial) zone lot. It has a perfect unit mix ALL 1bed+1bath units – perfect for young professionals or PCC International Students or CALTECH students and/or workers/researchers. All the units have been fully upgraded.
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Listed by Handoko Chen with Growth Investment Group Pasade (626) 594-4900
Property Type
Apartment
Status
Active
MLS Number
AR26037066
Year Built
1958
Lot Size
0.44 acres