Skip To Content

278 E Washington Boulevard

Pasadena, CA 91104
  • $10,900,000
  • STATUS: Active
  • ON SITE: 153 Days
  • ID#: AR24119082
UPDATED: 49 min ago
$10,900,000
  • 0
    BEDS
  • 0.58
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1964
County:

School Ratings & Info

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


Description

SIGNIFICANT PRICE REDUCTION, 3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.54% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with 46% LTV at 3.30% interest rates fixed until September 2026 " 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place 6.54% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with 19,002 SF building size and situated on a 25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About 70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed. Each unit is spacious with open space layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Most of the units have open floor plan providing spacious feel, and some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows.The property is separately metered for electricity and serviced by a new master water heater. Most recent leases have a RUBS program in place.

Monthly Payment Calculator



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-12T11:27:50.403. 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/151562531
Print Image

278 E Washington Boulevard Pasadena, CA 91104

  • Price: $10,900,000
  • Status: Active
  • On Site: 153 Days
  • Updated: 49 min ago
  • ID#: AR24119082
0
Beds
0
Baths
0
½ Baths
0.58
Acres
1964
Built
Neighborhood:
645 - Pasadena (NW)
County:
Los Angeles
Area:
645 - Pasadena (NW)
Property Description
SIGNIFICANT PRICE REDUCTION, 3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.54% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with 46% LTV at 3.30% interest rates fixed until September 2026 " 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place 6.54% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with 19,002 SF building size and situated on a 25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About 70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed. Each unit is spacious with open space layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Most of the units have open floor plan providing spacious feel, and some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows.The property is separately metered for electricity and serviced by a new master water heater. Most recent leases have a RUBS program in place.
Exterior Features

Architectural Style Mid-Century Modern Carport Spaces 24 Carport YN Yes Direction Faces North Entry Level 1 Entry Location 1 Lot Features Flag LotNear Public TransitStreet Level Number Of Separate Electric Meters 25 Open Parking Spaces 0 Parking Features Attached CarportAssigned Parking Total 24 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof Flat Spa Features None Spa YN No View None View YN No

Interior Features

Appliances Gas RangeRefrigeratorRange HoodDryerWasher Common Walls 2+ Common Walls Cooling Wall/Window Unit(s) Cooling YN Yes Fireplace Features None Fireplace YN No Flooring VinylWood Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 5 Common Interest Community Apartment Community Features ValleyGated Contingency NONE Current Financing AssumableConventional Electric Standard Electric Expense 84 Fuel Expense 16214 Garage YN No Gross Income 767257 Gross Scheduled Income 767257 Insurance Expense 13712 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 19320 Net Operating Income 544924 New Construction YN No New Taxes Expense 120741 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Number Of Units Leased 24 Operating Expense 206988 Other Expense 1676 Pest Control Expense 225 Possession Close Of Escrow Property Condition Updated/RemodeledTurnkey Property Sub Type Apartment Rent Control YN Yes Security Features Closed Circuit Camera(s)Carbon Monoxide Detector(s)Fire Detection SystemSecurity GateGated CommunityResident ManagerSmoke Detector(s)Security Lights Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 1345 Tenant Pays ElectricityGas Total Actual Rent 62607 Trash Expense 12292 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Vacancy Allowance Rate 2 Water Sewer Expense 8785 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-12T11:27:50.403. 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.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_372899854-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_372899854-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_372899854-2.jpg
Logo
CFC Realty, Inc
931 Pueblo Drive
Lake Havasu City AZ, 86406
Listing Agent(s): Han Chen of Growth Investment Group Pasade (626-594-4900)