Description

6400 Roble Ave, a very well maintained 20-unit apartment community located in the gentrified neighborhood of Highland Park, CA. First time ever offered for sale since 1979, this investment offering provides a True Value-add Opportunity with Proforma CAP Rate of over 9% (with 2 ADUs built out - BUYER TO VERIFY!). The property is priced to sell with a reasonable price/unit, attractive price/sf, attractive current CAP Rate, and excellent proforma CAP Rate. The community is situated in what can be considered as one of the best locations in Highland Park. The property offers an investor the rare opportunity to own an excellent value-add real estate in a strong and gentrifying submarket nearby downtown Los Angeles, and City of Pasadena. The property is strategically located at corner of Roble Ave and Ave 64, a block from York Blvd, providing easy access to dining, retail stores, and shopping along York Blvd. It is within walking distance to Highland Park Metro Station, and Figueroa St retail corridors. It is at the border of Highland Park and South Pasadena and within walking distance to South Pasadena Arroyo Seco Golf Course and South Pasadena Arroyo Seco Park. The property has a high Walk Score of 88 (“Very Walkable”). It has excellent demographics with ±$110,131 average household income within a 1-mile radius. It offers superb access to Downtown Los Angeles, and City of Pasadena (Old Town, Rose Bowl, etc.) via FWY 110, and minutes away to FWY 2, FWY 134 and FWY 210. The property was built in 1950 and has a total of 15,516 SF building size on a large 0.61acre / ±26,540 SF lot. It has an excellent curb appeal with drought tolerant landscaping fronmt yard and center driveway. It has an excellent unit mix of eight (8) large 2bedroom+1bathroom, and twelve (12) 1bedroom+1bathroom. Each unit is large with good layout (none of the units have been upgraded). The complex has a new secured mailbox and recently installed washing machine. It has a total of 20 parking spaces with combination of 9 carports + 11 open space; No parking soft story retrofit is required. There is a shared laundry room with recently replaced washer (seller owned machines - 2 washers and 2 dryers). Each unit is separately metered for electricity and gas. The property has been very well-maintained throughout current ownership.