Description

8-unit Value-add in South Pasadena (NO LOCAL Rent Control), Excellent Location steps to Mission Street Downtown District, Large building and Excellent Unit Mix, Excellent Curb Appeal, First Time for Sale Since 1989, South Pasadena School District, Exceptional Demographics. This is the first time this property is being offered for sale since 1989! City of South Pasadena apartment market does not have any local rent control, and it has always been known as a “high-barrier-to-entry” and “no inventory” market as there are always very limited numbers of multifamily community offered for sale. Situated near Downtown South Pasadena on Fremont Ave and Mission Street, this property is only steps away from Mission Street Downtown District, and walking distance from all the shopping, dining, and area amenities on Mission St and Fair Oaks Ave. It has Exceptional demographics with over $184,503 AHH income within a mile-radius, and within the highly desirable South Pasadena Unified School District. The property is a 2-story garden style apartment with a well-manicured front lawn. It offers excellent unit mix with four (4) x 2bedroom+1bathroom, and four (4) x 1bedroom+1bathroom units. The property has a total of 6,540SF living space (avg unit size: ±818 SF– buyer to verify), was built in 1965 with distinctive Mid-Century Modern architecture and sits on a large 9,948 SF R3 zoned lot. The owner has made many capital improvements such as upgrading all the windows & sliders to Triple-pane windows. Four of the central HVAC units were recently replaced (±4 years ago), plumbing has been upgraded to copper (±4 years ago), and the exterior building was painted last year (buyer to verify all the capex). Each unit is large and has wood flooring, semi-private patio area, and some units have euro style kitchen cabinets, stainless steel kitchen appliances (refrigerator, gas range, and microwave). There is a dining area in each unit, and ceiling fans in each bedroom. Each unit has plenty of linen cabinets, and large bathroom. The 2 bedroom has an unusually large bathroom. Unit #3 has an EV Charging station in the parking area. Each unit is individually metered for electricity, gas is master metered. The property has a shared laundry room (leased) and master water heater. Parking is provided via 12 garage spaces split between carport and tuck-under spaces.