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265 N Oakland Avenue

Pasadena, CA 91101
  • $10,950,000
  • STATUS: Active
  • ON SITE: 156 Days
  • ID#: AR24108024
UPDATED: 22 min ago
$10,950,000
  • 0
    BEDS
  • 0.46
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1962
County:

School Ratings & Info

Listing Agent(s): Han Chen of Growth Investment Group Pasade (626-594-4900)


Description

Consistent Increasing CAP Rates w/ ZERO Vacancy for the next 2 to 5 years! 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area (Walk Score 90 and Bike Score 85). This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. It provides the benefits of a commercial master lease while providing reliability of a turnkey multifamily asset in a strong and mature market. With known annual rent increases, the return/CAP Rate on this investment will be significantly higher as time progresses.This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each 800SF - Buyer to verify).The property, which has been completely renovated in 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry and private patio. It is separately metered for gas and electricity, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 19 parking spaces at the back. The soft-story parking area has been seismically retrofitted.All of the units have undergone a top-to-bottom renovation in 2018-2019 (ALL PERMITTED) with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless-steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-01T19:35:40.053. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or CFC Realty, Inc. Licensed in the State of California, USA.
www.cfc-realty.com/homes/151037641
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265 N Oakland Avenue Pasadena, CA 91101

  • Price: $10,950,000
  • Status: Active
  • On Site: 156 Days
  • Updated: 22 min ago
  • ID#: AR24108024
0
Beds
0
Baths
0
½ Baths
0.46
Acres
1962
Built
Neighborhood:
647 - Pasadena (SW)
County:
Los Angeles
Area:
647 - Pasadena (SW)
Property Description
Consistent Increasing CAP Rates w/ ZERO Vacancy for the next 2 to 5 years! 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area (Walk Score 90 and Bike Score 85). This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. It provides the benefits of a commercial master lease while providing reliability of a turnkey multifamily asset in a strong and mature market. With known annual rent increases, the return/CAP Rate on this investment will be significantly higher as time progresses.This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each 800SF - Buyer to verify).The property, which has been completely renovated in 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry and private patio. It is separately metered for gas and electricity, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 19 parking spaces at the back. The soft-story parking area has been seismically retrofitted.All of the units have undergone a top-to-bottom renovation in 2018-2019 (ALL PERMITTED) with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless-steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
Exterior Features

Architectural Style Mid-Century Modern Carport Spaces 19 Carport YN Yes Direction Faces East Entry Level 1 Entry Location 1 Lot Features LandscapedStreet Level Number Of Separate Electric Meters 20 Parking Features AssignedCarport Parking Total 19 Pool Features None Pool Private YN No Property Attached YN Yes Roof Flat Spa Features None Spa YN No View Neighborhood View YN Yes

Interior Features

Appliances DishwasherDisposalGas RangeRefrigeratorWater HeaterDryerWasher Common Walls 2+ Common Walls Cooling Wall/Window Unit(s) Cooling YN Yes Fireplace Features None Fireplace YN No Flooring Wood Heating Wall Furnace Heating YN Yes Window Features Double Pane Windows

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.58 Common Interest Community Apartment Community Features Valley Contingency NONE Current Financing Conventional Electric Standard Electric Expense 0 Fuel Expense 0 Garage YN No Gross Income 664804 Gross Scheduled Income 664804 Insurance Expense 6646 Land Lease YN No Laundry Features Washer HookupGas Dryer Hookup Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan Maintenance Expense 12384 Net Operating Income 501276 New Construction YN No New Taxes Expense 121116 Number Of Separate Gas Meters 20 Number Of Separate Water Meters 1 Number Of Units Leased 19 Operating Expense 163528 Possession Close Of Escrow Property Condition Turnkey Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 55056 Trash Expense 4967 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Vacancy Allowance 0 Vacancy Allowance Rate 0 Water Sewer Expense 12231 Water Source Public Zoning PSC-



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-01T19:35:40.053. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or CFC Realty, Inc. Licensed in the State of California, USA.
 
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CFC Realty, Inc
931 Pueblo Drive
Lake Havasu City AZ, 86406
Listing Agent(s): Han Chen of Growth Investment Group Pasade (626-594-4900)