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Multifamily

260 Linda Rosa

260 Linda Rosa Ave, Pasadena, CA 91107

Listing Price: $2,395,000

Cap Rate
3.99%
Number of Units
7
GRM
16.23
Occupancy
97.0%
Price/Unit
$342,143
Price/Gross SF
$394.69
Gross SF
6,068

Investment Overview

Marcus & Millichap is proud to present 260 Linda Rosa Avenue located in a great pocket Pasadena, California, which is south of the 210 freeway and a very short distance from Old Pasadena and the Playhouse District. The building area is 6,068 sq.ft, meaning the average unit size is about 866 sq.ft., and it sits on a lot size of 7,524 sq.ft. (0.17 acres).

This well designed, 7-unit property has an excellent unit mix of all townhouse style units comprised of (6) 2-Bed / 1.5-Bath units and (1) 3-Bed / 2.5-Bath unit, and each unit comes with its own private patio and at least one designated tuck-under parking spot on site.

The building is well maintained with a new roof within the past 7 years that is in very good condition, all copper plumbing throughout, electric circuit breakers, and all individual meters for gas & electric. Also, select units have been renovated in the past 3 years and come with all new appliances and upgrades. The building has an on-site laundry room, with the washers and dryers owned by landlord, which brings in some extra income for the property owner. The only main deferred maintenance item to speak of is that this building does need the seismic, soft-story retrofitting to be done.

This Pasadena property is not subject to LA's stricter rent control laws, but it is subject to California's AB-1482 state rent control laws, which allows for an estimated 8% rent increase per year (5% + CPI). However, due to COVID, the buyer will have to wait until the temporary ban on rent increases and evictions are lifted.

This value add, townhouse style multifamily property, which is located in a very good part of Pasadena, allows a savvy investor the opportunity to capitalize on the estimated 36.5% upside potential in rents over time. This property is a perfect long term investment or quick value add and flip, depending on the buyer's investment strategy.

Investment Highlights

  • Built in 1964
  • All Townhouse Style Units
  • Great Unit Mix: 2 and 3 Beds
  • Approx. 36.5% Upside Potential
  • Newer Roof & Copper Plumbing
  • Private Patio for Each Unit

Exclusively Listed By

Listing Price: $2,395,000

Cap Rate
3.99%
Number of Units
7
GRM
16.23
Occupancy
97.0%
Price/Unit
$342,143
Price/Gross SF
$394.69
Gross SF
6,068

Investment Highlights

  • Built in 1964
  • All Townhouse Style Units
  • Great Unit Mix: 2 and 3 Beds
  • Approx. 36.5% Upside Potential
  • Newer Roof & Copper Plumbing
  • Private Patio for Each Unit

Investment Overview

Marcus & Millichap is proud to present 260 Linda Rosa Avenue located in a great pocket Pasadena, California, which is south of the 210 freeway and a very short distance from Old Pasadena and the Playhouse District. The building area is 6,068 sq.ft, meaning the average unit size is about 866 sq.ft., and it sits on a lot size of 7,524 sq.ft. (0.17 acres).

This well designed, 7-unit property has an excellent unit mix of all townhouse style units comprised of (6) 2-Bed / 1.5-Bath units and (1) 3-Bed / 2.5-Bath unit, and each unit comes with its own private patio and at least one designated tuck-under parking spot on site.

The building is well maintained with a new roof within the past 7 years that is in very good condition, all copper plumbing throughout, electric circuit breakers, and all individual meters for gas & electric. Also, select units have been renovated in the past 3 years and come with all new appliances and upgrades. The building has an on-site laundry room, with the washers and dryers owned by landlord, which brings in some extra income for the property owner. The only main deferred maintenance item to speak of is that this building does need the seismic, soft-story retrofitting to be done.

This Pasadena property is not subject to LA's stricter rent control laws, but it is subject to California's AB-1482 state rent control laws, which allows for an estimated 8% rent increase per year (5% + CPI). However, due to COVID, the buyer will have to wait until the temporary ban on rent increases and evictions are lifted.

This value add, townhouse style multifamily property, which is located in a very good part of Pasadena, allows a savvy investor the opportunity to capitalize on the estimated 36.5% upside potential in rents over time. This property is a perfect long term investment or quick value add and flip, depending on the buyer's investment strategy.

Exclusively Listed By

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